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NATIONAL UNIVERSITY OF MODERN LANGUAGES DEPARTMENT OF MANAGEMENT SCIENCES LAHORE CAMPUS

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Submitted by : Muhammad Naeem Zubairy Submitted to : Mr. Noman Moin Assignment : Partnership Deed Class : MBA 4th (Evening) Date : 13th Mar, 2012

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Partnership agreement

1. The partnership deed is being written on 13 March 2012 among the

following partners:1. Mr. Haroon Khan son of Mr. Akhtar Khan, aged 43 years, resident of

House No 2011, Street-12, Block-1, Khushab, CNIC 301211234567-1, hereinafter called party of the first part.
2. Mr. Muhammad Nasir son of Mr. Muhammad Rafi (Late), aged 42

years, resident of House No 1010, C Block, Peoples Colony, Faisalabad, CNIC 10000-7654321-3, hereinafter called party of the second part.
3. Mr. Anil Masih son of Mr. Joseph Masih, aged 38 years, resident of

House No 43, Street-6, Bahar Shah Road, Lahore, CNIC 200002222222-3, hereinafter called party of the third part.
4. Mr. Samuel Masih son of Mr. Amanat Masih, aged 35 years,

resident of House No 124, Z Block, Essa Nagri, Sargodha, CNIC 39999-2020200-2, hereinafter called party of the fourth part.
2. All the parties have agreed to establish a travel firm, for the same

purpose this deed of partnership has been entered into. They have agreed upon the following terms and conditions of the partnership:1. The firms name would be Seven Star Travels. 2. The principal place of business will be Seven Star Stand, Badami

Bagh, Lahore with subsidiary location with the same name, Seven Star Stand, at Pir Widhai Adda, Rawalpindi.
3. The firm shall be plying four AC Buses between Lahore and

Rawalpindi (above mentioned two points in para 2), cargo and special booking services will also be offered.
4. Each partner shall contribute Rs. 10,000,000 to start with the

business.
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5. The capital assets and liabilities will be maintained in the name of

firm until unless the partnership is dissolved and assets and liabilities are also distributed.
6. First three partners, Mr. Haroon Khan, Mr. Muhammad Nasir and

Mr. Anil Masih will be active partners and Mr. Samuel Masih will be sleeping partner.
7. The profits and losses shall be distributed among the partners on

equal basis.
8. All the major repairs/maintenance of buses will be done by Ishaq

Autos, Badami Bagh, Lahore. In emergency cases the repair services can be hired from any workshop.
9. Complete record of sales and expenses will be maintained in

proper books of accounts; these books will be available to all the partners to be inspected at any time.
10. Mr. Haroon Khan will be overall MD of the firm, whereas Mr.

Muhammad Nasir will look after the Rawalpindi setup and Mr. Anil Masih will take care of Lahore setup.
11. The firm is in the combined name so no privilege or free travelling

facility to any family member of the partners will be allowed. Rather they will also be charged on existing market rate.
12. On closing date of each month the account will be checked by

combined session of all partners. Thus calculating the profit or loss for the month.
13. On closing of each quarter an internal audit will be conducted and

40% of the profit will be kept as retained earnings and will become part of business rest of 60% will be distributed among all the partners equally.
14. The business bank account will be operated in MCB, Badami Bagh,

Lahore and MCB, Pir Widhai, Rawalpindi by Mr. Anil Masih and Mr. Muhammad Nasir respectively. Any purchase of new buss or
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property for firm and selling out will be with the mutual consent of all four partners.
15. The partnership is at will and may be terminated at one months

notice by any partner. However, the partnership will not be dissolved in case of death of any partner and will continue with the legal heirs of the deceased, if they so desire.
16. Mr. Muhammad Liaquat Husaain son of Haji Falak Sher, resident of

102, Z Block, DHA, Lahore, CNIC 12345-1111111-2, is hereby appointed as arbitrator, whose verdict will be binding for all partners in case of eruption of any differences or disputes among the partners.
17. The partnership will continue till the time all the partners are

satisfied and interested in continuation of partnership. In case of any issue erupting and threatening the partnership, the partnership will be dissolved by giving due share to all partners. In Witness Whereof the partners have affixed their signatures in the presence of persons whose names appear hereunder:Witnesses Parties

Witness 1.___________________________

_____________________________________ (Haroon Khan son of Akhtar Khan)

Witness 2.___________________________

_____________________________________
(Muhammad Nasir son of Muhammad Rafi (Late)

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Witness 3.___________________________

_____________________________________ (Anil Masih son of Joseph Masih)

Witness 4.___________________________

_____________________________________ (Samuel Masih son of Amanat Masih)

Roll# L-11313 Muhammad Naeem Zubairy