Agreement Admitting Minor To The Benefits Of Partnership

Updated at:March 2010
 
FREE EXCERPT

THIS AGREEMENT made at............... on this ......... day of......... 20......

BETWEEN

A son of ............... resident of ......................... of the FIRST PART,

B son of .................... resident of ..................... of the SECOND PART

AND

C son of ................................. resident of ................................... of the THIRD PART.

Now, therefore, the parties hereinabove are referred to as 'Party' and collectively as “Parties”.

WHEREAS the Parties are carrying on the business of __________________ in the name and style of ________________ at ____________, as per the terms and conditions of the Deed of Partnership dated ____________.

AND WHEREAS the Parties have agreed to admit the minors D and E to the benefits of the partnership.

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:

  1. Shri D son of ............................................... minor (Date of birth), resident of ........................................ shall be admitted to the benefits of partnership between A, B, and C in terms of Deed of Partnership dated ............ from the date of this Agreement.

  2. The net profits of the partnership shall be arrived at after providing for payment of remuneration of the working partners and thereafter the profits and the losses shall be divided among the partners in the following shares and proportion :

(i) A 30 % in the net profits

40% in the net losses

(ii) B 30 % in the net profits

40% in the net losses

(iii) C 30 % in the net...

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