Agreement admitting a New Partner

Updated at:March 2010
 
FREE EXCERPT

Agreement made at this __________day of _________between_______and ________ hereinafter jointly referred to as the existing partners of the one part and __________ hereinafter referred to as the new partner of the other part.

WHEREAS

(1) ________________and ___________are carrying on business in partnership in the name of M/s_________ and Company as from the day of ______________under and by virtue of the deed of partnership dated the ___________day of ________ entered into between them.

(2) The existing partners now desire to admit the new partner as an additional partner in the said partnership and the new partner is also willing the join the said partnership on the terms hereinafter provided.

(3) The present book value of their shares in capital contribution of the existing partner''s ________ and ___________and in the assets of the Firm is Rs.________ and rupees ________________respectively which the new partner has agreed to accept.

(4) The new partner is willing to bring in a capital contribution of Rupees _____in the Firm.

Now it is agreed by and between the partners hereto as follows:

(1) The existing partners hereby admit the new partner as a partner along with the existing partners of the said firm carried on or in the name of M/s __________ and Company as from the _________ day of ___________

(2) The partnership business will be carried on the same name as above mentioned and at the same place of business as at present.

(3) The business of the, partnership will be the same as at present carried on and may be changed or added to with the consent of all the partners.

(4) The shares in the capital assets including goodwill of the firm as on this day __________ of the said three partners will be treated as follows:

Mr...........% Mr.................% Mr.............%

(5) The shares of the parties hereto in the net profit and losses of the partnership will be as follows

Mr..........% Mr......... % Mr.................%

(6) The duration of this new...

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