Draft a deed of Agreement of Admission of Sushma as a third partner w.e.f. 1st September, 2018, into the already established firm of Seema and Reshma running a sweet shop. Assume data.

CS Professional · Drafting, Appearances and Pleadings · PYQS · December 2018
Draft a deed of Agreement of Admission of Sushma as a third partner w.e.f. 1st September, 2018, into the already established firm of Seema and Reshma running a sweet shop. Assume data.

Answer & Explanation:

Deed of Agreement of Admission into Firm of a New Partner Sushma THIS DEED OF AGREEMENT is made the ____________ day of ____________ 2018 BETWEEN Seema ____________ daughter of ____________ aged ____________ R/o ____________ and Reshma ____________ daughter of ____________ aged ____________ R/o ____________ partners in the firm 'SWEET & CO.' of the one part, AND Sushma ____________ daughter of ____________ aged ____________ years resident of ____________ of the other part. WHEREAS the said Seema and Reshma are partners in the firm 'SWEET& Co.' situated in ____________ and are bound as such under a deed partnership executed by them on the ____________ day of ____________ 2018 hereinafter referred to as the 'partnership deed'. AND WHEREAS the said Sushma is desirous of being admitted as a member in the aforesaid firm of 'SWEET&Co.' and invest a sum of ₹____________ AND the said Seema and Reshma are willing to admit her as an additional partner. NOW THEREFORE THE DEED WITNESSES that in pursuance of the said agreement and in consideration of the said Sushma bringing in and contributing the sum of ₹____________ (Rupees____________ only) as additional capital of the above partnership firm, it is mutually agreed as follows: The parties hereto shall, as from the date hereof be and continue partners for the unexpired residue of the terms mentioned in para____________ of the partnership deed subject in all respects to the conditions, stipulations, and provisions of the aforesaid partnership deed, so far as applicable, and except as varied by this deed of agreement. The capital mentioned in the partnership deed shall hereafter be changed to the sum of ₹____________ only and the partners shall hereafter have the undernoted shares in the capital. Seema shall have ₹____________ in the said capital; Reshma shall have ₹____________ in the said capital; and Sushma shall have ₹____________ in the said capital. 3. The profits and losses of the partnership shall continue to be borne by the partners hereto in proportion to their above named respective shares. IN WITNESS WHEREOF the said Seema, Reshma and Sushma have hereto at____________ signed the day and the year first above mentioned. Sd/- Seema Sd/- Reshma Sd/- Sushma WITNESSES: 1. 2.

Topics: Drafting Agreements

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