Agreement Admitting a New
Partner[CD1]
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 Firm
Now 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 follows –
Mr. A ........
40%
Mr. B ........
40%
Mr. C ........
20%
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 of
Signed by the
within named Mr. B in the presence of
Signed by the
within named Mr. C In the presence of
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