Agreement Introducing A New Partner In The Existing Partnership

Updated at:March 2010
 
FREE EXCERPT

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

BETWEEN

A, son of............................ resident of .............................. B, son of ................................... resident of ............................ (hereinafter collectively called the Partners) of the ONE PART

AND

C, son of ...................................... resident of ................................ (hereinafter called the New Partner) of the OTHER PART.

WHEREAS the Partners are carrying on the business of .............. under the name and style of M/s. ................................................... at.................. in terms of Deed of Partnership dated .....................

AND WHEREAS on the request of the New Partner, the Partners have agreed to introduce him as a partner in the partnership and in consideration for the same the New Partner is contributing the sum of Rs. ..............towards the capital of the partnership of the Partners.

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:

(1) This Agreement is supplemental to the Deed of Partnership dated .................... made between the said Partners.

(2) From the date hereof, the said New Partner shall be a partner with the Partners subject to the terms and conditions of the said partnership deed except in so far as the same are varied by this agreement.

(3) The capital of the partnership shall be Rs. ........... contributed by the parties hereto in equal one-third shares and the partners shall be entitled to share the profits...

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