Deed of Admission of Partner-format 2

Updated at:March 2010
 
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Articles of partnership made this ……… day of ……… 2007 between Vishwas Rao son of etc. ……… of the one part and Chirag Desai son of etc. of the other part to the following effect. Whereas the said Vishwas Rao has been carrying on the business in ……… as its sole proprietor under the name and style of ……… at ……… and whereas, for development of the said business by mutual assistance and co-operation the said Vishwas Rao has agreed to admit Chirag Desai as a working partner and in consideration of the service to be rendered to pay him a sum equivalent to ……… % share of the net profits. Now this deed witnesseth and it is hereby agreed and declared as follows:

  1. The said Chirag Desai is hereby admitted as a working partner of the said Vishwas Rao in his said trade with effect from the date of execution of these presents in consideration of good, faithful and efficient service to be rendered for development of the trade but shall have no claim to the assets or goodwill.

  2. The said Chirag Desai shall not have to contribute any sum towards the capital and shall have accordingly no claim or interest in the stock-in-trade and other assets or in the goodwill of the trade which shall all remain the exclusive property of Vishwas Rao as before but shall be entitled only to a sum representing ……… % of the net profits in exchange of good and faithful service to the said Vishwas Rao as hereunder stipulated.

  3. The said Chirag Desai shall serve the said Vishwas Rao truly and faithfully in all respects, carry out all his orders to the best of his knowledge, skill and power, observe all rules of the establishment, maintain and preserve all its trade secrets and shall do, execute and perform ungrudgingly all work entrusted to him by the said Vishwas Rao but shall have...

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