ASSOCIATION OF PERSONS AGREEMENT
Specimen format of Agreement of
Association of Persons
This
Agreement of Association of Persons executed on this
________ day of ________ 20___
by and
between. 1. _______ 2. __________ 3. ____________
WITNESSESS
Whereas
the above named parties have decided to form an ASSOCIATION OF PERSONS
(AOP)
w.e.f. ___________ for sale and purchase of ____________ AND Whereas it is
necessary
to
reduce into writing the terms and conditions for the above AOP known as
____________________________________AND
ASSOCIATES;
We the
parties aforesaid do hereby of our freewill and consent agree to and conform as
under:
1. That
the above named Parties has decided to form an AOP known as ____________AND
ASSOCIATES
for carrying on the business of ___________________ in the name of AOP with
its
Principal place of business at ________________________________.
2. That
the AOP shall run the business of sale & purchase of ------------------------------------------
in the
name of AOP i.e. _____________ AND ASSOCIATES. The business activities may be
extended
to other transactions with the mutual consent of all the parties.
3. That
the financial year of the firm shall be from 1st April to 31st March every
year.
4. That
the duration of the AOP shall be at will.
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5. That
a bank account shall be opened in any Scheduled or Co-operative Bank or Banks
as the
parties
may decide in joint name of the parties and/or in the name of AOP and the same
shall be
operated
jointly and/or severally by all the parties as decided among them.
6. That
all the parties have a right to look after day-to-day work and activities of
business.
7. That
all of the parties have an authority to look after and manage the business of
AOP
fruitfully
in the interest of AOP, borrow money, take loans form Bank or parties, to sign
document,
to enter into any business contracts and such other activities which are
required for
smooth
running of the AOP with the greatest interest of the business activities
carried over by the
said
AOP i.e. ______________________ AND ASSOCIATES.
8. That
all or any one of the parties shall sign any agreement, document etc. as and
when
required
on behalf of the AOP.
9. That
at the end of the year the profit or loss of the A.O.P. shall be distributed
among the
members
in the ratio of capital standing to the credit in the individual member's
capital account
of AOP
as on the last day of the year.
IN
WITNESS WHEREOF we the parties have signed this Agreement of
Association of
Persons
on this ____ day of ___________ 20___ at ___________in the presence of the
following
witness.
Members
of AOP
1.
2.
3.
Witnesses:
DISCLAIMER: THE ARTICLE IS BASED
ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE TIME OF
THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND INDIRECT
RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.
THE AUTHOR – CS
DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND CAN
BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
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