Agreement Admitting a Minor to the Benefit of Partnership
This Agreement is made at this ......... day of
......... between Mr. A of the First Part, Mr. B of the Second Part and Mr. C
of the Third Part and Shrimati X for self and as the natural guardian of her
minor son Y of the Fourth Part.
Whereas the parties hereto of the First Second
and Third Parts have been carrying on business in partnership along with Mr. D
In terms of deed of partnership dated ......... entered into by the said
partners.
And Whereas the said D died on the day of
......... leaving his widow X and a minor son named Y as his heirs.
And Whereas the said X made a claim for the
share of the said D In the assets of the said partnership including goodwill
and undistributed profits .
And Whereas the said claim has been settled
between the parties hereto of the first, second and third parts and the said X
and It Is agreed that the said X for self and as the natural guardian of the
said minor Y shall be paid a sum of Rupees .......... in full payment of the
share of the said deceased partner D In the capital assets including goodwill
of the said partnership and that the said Y shall be admitted to the benefits
of the partnerships by paying a share of 5% In the net profits of the firm.
And Whereas the said amount of ......... has
been paid to the said X before the execution of these presents partly in cash
and partly in securities In the nature of units of the Unit Trust and purchased
in the name of the said X and the said minor Y jointly in order to safeguard
the interest of the said Y and the said X hereby acknowledges receipt of the
said amount in full and declares that she for self and as the natural guardian
of the said Y. has no claim against said firm on account of the share of the
said deceased partner D.
And Whereas the parties hereto of the first,
second and third parts further agree that they hereby admit minor Y to the
benefits of the said partnership by paying him a share of 5% in the net profits
of the said partnership. He will not be liable to pay any part of the losses of
the said firm.
And Whereas the parties of the first, second and
third parts agree and declare that they will pay the amount of the said share
of the minor Y in the net profits of the firm within three months from the end
of the accounting year.
And Whereas it is further agreed and declared
that in view of the share given to the said Y in the profits of the firm the
shares of the partners of the first. second and third parts in the profits of
the firm will be readjusted and shall be as follows-
Mr. A's share will be ......... 35%
Mr. B's share will be ......... 35%
Mr. C's share will be ......... 25%
However the losses of the partnership will be
borne by the parties of the first, second and third parts equally.
And Whereas it is further agreed and declared
that on the said minor attaining the age of 18 years. he will be admitted as a
partner In the said firm if the partnership continues till then, on such terms
as may be agreed between all the then partners and the said D but not
otherwise.
And Whereas subject as aforesaid the parties of
the first, second and third parts will continue to carry on the business in
partnership in terms of the said deed of partnership above recited.
And Whereas amendment made by this deed in the
constitution and terms of the partnership will be registered as required by the
Partnership Act, and the Income Tax Act within the prescribed terms.
IN WITNESS WHEREOF the partners have put their
hands the day and year first hereinabove written
Signed by the withinnamed Mr. A in the presence
of
Signed by the withinnamed Mr. B in the presence
of
Signed by the withinnamed Mr. C in the presence
of
Signed by the withinnamed Mr. X
for self and as natural guardian of Y a minor in
the presence of
0 Comments
Thank you for your response. It will help us to improve in the future.