Agreement Admitting Minor To The Benefits Of Partnership Legal Draft Template

This Agreement made

at ............... on this......... day of ..........., 2000, 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.Whereas the parties

hereto are carrying on the business of .................... in partnership

under the name and style of M/s. ................................... at

......................................... upon the terms and conditions

mentioned in 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, 8, and 0 in terms of Deed of Partnership

dated ............ from the date of these presents.2.

The

net profits of the partnership shall be arrived at after providing for payment

of remuneration to the working partners and interest to the partners as

provided shall be divided among the partners in the following shares and

proportion:i

A

30 paise in a rupee in the net profits 40 paise in a rupee in the net losses.ii

B

30 paise in a rupee in the net profit 40 paise in a rupee in the net losses.iii

C

30 paise in a rupee in the net profit 20 paise in a rupee in the net losses.iv

D

10 paise in a rupee in the net profits Minor's share.3.

It

is also agreed that the said minor D shall be entitled to the benefits of

partnership and shall not be personally liable for any obligations and

liabilities of the firm but his share in the profits of the firm shall be

liable for any obligations and liabilities of the said firm and pending the

said minor attaining majority, his share in the profit of the partnership shall

be accumulated to the credit of the minor, so as to be available to meet his

share of loss, if any incurred by the firm at any time during his minority.Subject to

modifications made by this agreement, all other terms and conditions in the

partnership deed dated ....................... executed between A of the one

part, 8 of the second part and C of the third part shall, remain unchanged and

shall be binding on all the parties hereto.IN WITNESS WHEREOF,

the parties hereto have hereunto set and subscribed their respective hands the

day, month and year first hereinabove written.Signed and delivered

by the within named ASigned and delivered

by the within named BSigned and delivered

by the within named CWITNESSES;1.2.