Model Format of Agreement Admitting a New Partner

Model Format of Agreement Admitting a New Partner

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Agreement Admitting a New Partner
Agreement Admitting a New Partner

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….

Note: This is just the part of the agreement. To get it drafted completely by legal experts, kindly contact the expert team of Aapka Consultant by clicking here

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