AGREEMENT FOR ADMISSION OF A MINOR TO THE BENEFITS OF PARTNERSHIP
THIS DEED OF PARTNERSHIP is executed on this _____day of __________ between:
a. Sh.________________ s/o, Sh. __________________, r/o of _________________________, hereinafter referred to as the "First Party" and
b. Sh.________________ s/o, Sh. __________________, r/o of _________________________, hereinafter referred to as the "Second Party" and
c. Sh.________________ s/o, Sh. __________________, r/o of _________________________, hereinafter referred to as the "Third Party" and
The Party of the First Part, Second Part and the Third Part hereinafter collectively referred to as the "Parties".
1. The Parties have been carrying on the business of ___________in partnership together at under the firm name M/s _______________ vide terms of a deed of partnership dated ____________ (hereinafter referred to as "the partnership business")
2. The Parties have agreed to introduce Sh.__________ s/o Sh.________________ R/o _________________ aged ___ years, (hereinafter referred to as "the minor") to the benefits of partnership on the terms and conditions hereinafter appearing.
NOW THIS AGREEMENT WITNESSETH AS UNDER:
1. Admission of Minor
The minor shall be admitted to the partnership business with effect from the date of this agreement.
2. Sharing of Profits
The profits or losses of Partnership (including losses of capital nature, if any) of Partnership after admission of the minor shall be divided amongst and borne by the Parties as under:
First Party 30%
First Party 33-1/3%
Second Party 30%
Second Party 33-1/3%
Third Party 30%
Third Party 33-1/3%
3. Inspection of Accounts
The minor shall have access to and inspect the accounts of the firm and shall take a copy of the accounts of the firm. The minor shall not sue the parties for an account or payment of his share of the property or profits of the firm, save when severing his connection with the firm.
4. Personal Liability of Minor
Notwithstanding above, the minor shall not be personally liable for the acts of the firm. However, the share of minor in the firm shall be liable for any such acts.
5. Earlier Partnership Deed to remain
All the terms of the deed of partnership dated _______, except those as has been modified by this agreement, shall remain in force and shall be binding on the parties hereto.
IN WITNESS WHEREOF, the parties have set their hands this ____________ day of ___________.