Change in Constitution of Partnership Firm Format

Change in Constitution of Partnership Firm Format

by Waseeqa Naveesi - August 11, 2021 Change in Constitution of Partnership Firm Format In the name of ALLAH, the most beneficent, the mostmerciful DEED OF PAR TNE RSHIP Change in constitution of This deed of partnership is made on 13 th dayof April, 2021 in the city of Rawalpindi BETWEEN 1. Farhan Yaseen son of Muhammad Yaseen R/O HouseNo. 1, Street No. 1, Mohallah Shah Chan Chiragh, Rawalpindi , (hereinafterreferred to as Partner No. 1-Continuing Partner) 2. Nauman Yaseen son of Muhammad Yaseen R/o House No. 1,Street No. 1, Mohallah Shah Chan Chiragh, Rawalpindi. (hereinafter referred toas Partner No. 2- Continuing Partner. ) 3. Muhammad Yaseen son of Said AhmedR/O House No. 1, Street No. 1, MohallahShah Chan Chiragh, Rawalpindi (hereinafter referred to as PartnerNo. 3- Continuing Partner ) 4. Rehan Alam son of MuhammadYaseen resident of House No. 1, StreetNo. 1, Mohallah Shah Chan Chiragh, Rawalpindi (hereinafter referred to as Partner No.4-Continuing partner) 5. Suleman Alam son of MuhammadYaseen resident of House No. 1, StreetNo. 1, Mohallah Shah Chan Chiragh, Rawalpindi (hereinafter referred to as Partner No.5-Incoming partner) Whereas (1) Farhan Yaseen son of Muhammad Yaseen R/O HouseNo. 1, Street No. 1, Mohallah Shah Chan Chiragh, Rawalpindi (2) Nauman Yaseen sonof Muhammad Yaseen R/o House No.1, Street No. 1, Mohallah Shah Chan Chiragh, Rawalpindi (3) Muhammad Yaseen son of Said Ahmed R/O House No. 1, Street No. 1, Mohallah ShahChan Chiragh, Rawalpindi (4) Rehan Alam son of Muhammad Yaseen resident of House No. 1, Street No. 1,Mohallah Shah Chan Chiragh, Rawalpindi were continuing the Partnership Business vide Partnership Deed dated 23-07-2020registered with the Registrar of Firms Rawalpindi District vide Form D No. 202of 2018 dated 23-07-2020. Whereas, Suleman Alam son of Muhammad Yaseen resident of House No. 1, Street No. 1,Mohallah Shah Chan Chiragh, Rawalpindi has joined in this partnership aspartners No. 5 w.e.f 13-04-2021 All the partners are agreed to start theirbusiness with the following aims I. The prime reasonis to become a party of construction industry of Pakistan . II. Theline of business of the firm shall be layout, construct, build, erect, demolish, alter, layout, re-model or do any otherwork in connection with any infrastructure including apartments, homes, plazas,multi-storied flat, business offices, shops, markets, warehouses, industrialand commercial buildings, roads, dams, bridges, spillways, highways,reservoirs, airports, seaports, parks, canals, irrigation improvements,amusement parks, convention centres, hi-technology industrial parks, andstructures of all descriptions and to equip the same or any part thereof withall or any conveniences, drainage and sewerage facilities, water supply,electric and gas installations, structural orarchitectural work of any kind whatsoever and for such purpose to prepareestimates designs, plants specifications subject to any permission required bylaw and approval from competent authorities. Firm can also import all kinds ofmaterial required for construction of above mentioned works and can also manufacturethem locally if required. TERMS AND CONDITION 1. NAME AND STYLE : That the business of the partnership shall be namedas “M/S Dilbahar Associates &Developers” 2. CHAIN OF COMMANDS OF THE FIRM That the Partner No. 3 shall be chief executive of the firm (CEO)whoin this case is “ Muhammad Yaseen ” . C.E.O can plan and execute businessdevelopment by the consent of al three partners. Whilethe rest of four partnersshall be working partners according to departments given by the C.E.O. Thepartners will open the account of the firm with any scheduled bank in Pakistan in the name of the firm and accountwill be operated by the signatures of C.E.O in case of absence / unavailability of C.E.O, the accountwill be operated by the signatures ofPartner No. 4 ( Rehan Alam ) and Partner No. 5(Suleman Alam ) 3.SHARING PERCENTAGE INPROFIT AND LOSSES RehanAlam 15% 4. LOCATION OF OFFICE Allpartnersagreed that the Head Office will be situated at “Office No. 1,First Floor, Dilbar Plaza , Tench Bhata, Rawalpindi ” and site office will be situated at “OfficeNo. 1, 3rd Floor, Cheema Plaza , Saddar, Rawalpindi . However, the regional office can bebuilt as per the requirement of the projects. 5.DURATION OF BUSINESS: The duration of partnership shall be at will.Any partner wishing to retire from the partnership shall give three months clear notice on expiry ofwhich the partnership in between the partners shall deem to have beendiscontinued. 6. DISSOLUTION OF BUSINESS: In case of dissolution of the firm, a general account of the partnership shall betaken as on the date of dissolution and after paying the debts/ liability, theremaining assets shall be divided by the partners in the proportion in which theyare entitled to share profit. However, in case ofdeath of any partner, the fate of the firmcontinuation shall bedecided withthemutual of heir/heirs of deceasedpartner. 7. ARBITRATION : That in case of any dispute or difference between the partners, the mattershall be referred to Arbitrator, who will be appointed with the mutual consent ofthe partners. The decision of the said Arbitrator shall be final andbindingon both the partner sand theirlegal heirs and representatives. In witnesses whereof, both the partners have signed thisdeed with their free will and without any pressures. First PartnerSecondPartner CNIC No. 37405-000000-0CNICNo. 37405-000000-0 Third Partner FourthPartner CNIC No. 37405-000000-0CNIC No. 37405-000000-0 Fifth Partner CNIC No. 37405-000000-0 Witness No.1 ___________WitnessNo.2___________ #J-18808-Ljbffr