Agreement Introducing A New Partner In The Existing Partnership Legal Draft Template
| Category | Agreements Partnership |
| Format | |
| File name | Agreement introducing a New Partner in the Existing Partnership |
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This Agreement made
at ........................... this ............ day of .....................,
2000, 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 of the new partner contributing
the sum of Rs. .............. towards the capital of the partnership of the
partners. It is mutually agreed 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 and bear the losses of the partnership in proportion to their
respective shares in the partnership.4.
The
old partners shall be liable for the debts, liabilities and obligations of the
old partnership and they shall indemnity and keep indemnified the new partner
and also all the assets and rights of the partnership firm against such debts,
liabilities and obligations and against all proceedings, costs, claims and
expenses in respect thereof.5.
Except
as modified by this agreement, the said partnership deed of date
....................... shall hereafter be read and construed as if the same
had been executed by the partners and new partner hereto.IN WITNESS WHEREOF,
the parties hereto have set and subscribed their hands, the day 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.