Navigation to path: How to Draft Deed of Pertnership in Tanzania.

DEED OF PARTNERSHIP.

THIS DEED OF PARTNERSHIP made this ……..day of……… ………2023.

Between

Sheria zetu.com, Natural person, adult, businessman of Postal Office box number 2525, Dsm, (hereinafter to be referred to as the FIRST “PARTNER”) ;

And

Google.com., Natural person, adult, businessman of Postal office box number 546, Songwe, Tanzania (hereinafter to be referred to as the “SECOND PARTNER”).

WITNESSETH, That it is hereby mutually agreed that the said partners shall become partners upon the terms hereinafter contained namely: –

The Partnership business shall be that of;

To PRACTICE LAW IN TANZANIA

That the duration of the Partnership is UNSPECIFIED.

The capital of the Partnership shall be formed as follows:-

That the initial capital of the company shall be a sum of shillings Fifity million (TShs. 50,000,000/=) divided as follow:-

That each partner among fourty members has contributed five hundred thousand.

That the profits of the Partnership shall belong to and the losses shall be borne by the Partners hereto in proportion to their respective shares in the partnership.

That the Partners shall be restricted from carrying out a similar business within the Songwe Region during the subsistence of this Partnership.

Neither of the Partners shall without the previous consent in writing of the other transfer his shares or any interest in the Partnership.

That in the event of any of the Partner desire to dispose of his shares or interest in the Partnership. Such Partner shall issue three months notice of her desire to dispose of her shares and the remaining partner shall be given first priority to be exercised within one month.

Any further capital, which may at any time, be required for efficiently carrying on the business may be obtained through loan from any financial institution and all partners are liable towards that debt.

That the Partners shall be Chief Supervisors of the Partnership’s day to day activities, however, the Partners may decide to employ Managers, Lawyers, Clerks etc. for smooth operation of the Partnership business. Employees may be contracted and have their services terminated by any of the Partner upon consultation with the other partner.

That in the event of death of any of the partners then the partner dissolves automatically.

That none of the partners shall be entitled to bring to an end this agreement in the event each partner observes her obligations under this Agreement

That the Partnership firm shall open a Bank Account with M/S. CRDB LTD, Songwe Branch, each of the partner shall be signatory to such account and either shall effectively sign.

That the Partnership shall trade as Sheria zetu ASSOCIATES and the Partners shall cause the Partnership to be registered.

That in the event of any dispute between the Partners such dispute shall be submitted to an Arbitrator who shall be appointed by the parties, in the event of disagreement by the Partners on who shall be the Arbitrator then the Chairman of the Chamber of Commerce, Songwe Regional shall be arbitrator.

That Partner may amend or delete any original articles of this Memorandum and instead add any new article by way of SUPPLEMENTARY ARTICLES, which shall be read as one with these Articles as amended or added as the case may be.

That each Partner undertakes to be just and faithful to the other and at all time give each other full and factual information and truthful explanation of all matters relating to the affairs of the Partnership and afford every assistance in her power and ability in carrying out the objects of this Partnership.

This Partnership shall come into effect on the …… day of ………., 2023.

SIGNED and DELIVERED by
the said Sheria zetu.com…………..
this ……. of ….., 2023.

SIGNED and DELIVERED by
the said Mr. Google.com ……………..
this……day of ….., 2023.

WITNESS: Name: XXX,
Occupation: Advocate,
Address: P.O. Box 564 Songwe.
Signature: _____________