Agreement Admitting A New Partner Legal Draft Template

This Agreement is

made at this ........ day of ........ between Mr. A and B hereinafter jointly

referred to as the existing partners of the one part and Mr. C hereinafter

referred to as the new partner of the other part.Whereas Mr. A and Mr.

B are carrying on business In partnership in the name of M/s. A B and Company

as from the day of ........ under and by virtue of the deed of partnership

dated the ........ day of ........ entered into between them.And Whereas 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.And Whereas the

present book value of their shares in capital contribution of the existing

partners Mr. A and Mr. B and in the assets of the Firm Is rupees. ........ and

rupees ........ respectively which the new partner has agreed to accept.And Whereas the new

partner is willing to bring in a capital contribution of rupees ........ In the

FirmNow it is agreed by

and between the partners hereto as follows -1.

The

existing partners hereby admit the new partner as a partner alongwith the

existing partners of the said firm carried on or in the name of M/s A B and Company

as from the ........ day of ........, 2000.2.

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. A ........ 40%Mr. B ........ 40%Mr. C ........ 20%(5) The shares of the

parties hereto In the net profit and losses of the partnership will be as

followsMr. A ........ 40%Mr. B ........ 40%Mr. C ........ 20%1.2.3.4.5.6.

The

duration of this new partnership will be at will but any partner may retire

from the partnership by one month's prior notice.7.

In

case of difference of opinion on any question regarding business, the opinion

of the majority will be final and binding on all the partners.8.

Subject

to what is otherwise provided herein the terms and conditions mentioned in the

said deed of partnership dated ........ will be binding on the parties as if

the said Mr. C was a party thereto and subject as aforesaid the said the deed

of partnership as amended by this agreement will be treated the deed of

partnership between the parties hereto.9.

The

change in the constitution of the said firm made by this agreement will be

notified or registered under the Partnership Act, and Income Tax Act, as per the

legal requirements thereof.IN WITNESS WHEREOF

the parties have put their hands the day and year first hereinabove written.Signed by the within

named Mr. A in the presence ofSigned by the within

named Mr. B in the presence ofSigned by the within

named Mr. C In the presence of