Agreement Admitting
Minor to the Benefits of Partnership
This Agreement made
at ............... on this......... day of ..........., 2000, between A son of
............... resident of ......................... of the FIRST PART, B son
of .................. resident of .................. of the SECOND PART and C son
of .................... resident of ................. of the THIRD PART.
Whereas the parties
hereto are carrying on the business of .................... in partnership
under the name and style of M/s. ................................... at
......................................... upon the terms and conditions
mentioned in the Deed of Partnership dated ...................
And Whereas the
parties have agreed to admit the minors D and E to the benefits of the
partnership.
NOW THIS AGREEMENT
WITNESSETH AS FOLLOWS:
1.
Shri
D son of ............................................... minor (Date of birth),
resident of .................................. shall be admitted to the
benefits of partnership between A, 8, and 0 in terms of Deed of Partnership
dated ............ from the date of these presents.
2.
The
net profits of the partnership shall be arrived at after providing for payment
of remuneration to the working partners and interest to the partners as
provided shall be divided among the partners in the following shares and
proportion:
i
A
30 paise in a rupee in the net profits 40 paise in a rupee in the net losses.
ii
B
30 paise in a rupee in the net profit 40 paise in a rupee in the net losses.
iii
C
30 paise in a rupee in the net profit 20 paise in a rupee in the net losses.
iv
D
10 paise in a rupee in the net profits Minor's share.
3.
It
is also agreed that the said minor D shall be entitled to the benefits of
partnership and shall not be personally liable for any obligations and
liabilities of the firm but his share in the profits of the firm shall be
liable for any obligations and liabilities of the said firm and pending the
said minor attaining majority, his share in the profit of the partnership shall
be accumulated to the credit of the minor, so as to be available to meet his
share of loss, if any incurred by the firm at any time during his minority.
Subject to
modifications made by this agreement, all other terms and conditions in the
partnership deed dated ....................... executed between A of the one
part, 8 of the second part and C of the third part shall, remain unchanged and
shall be binding on all the parties hereto.
IN WITNESS WHEREOF,
the parties hereto have hereunto set and subscribed their respective hands the
day, month and year first hereinabove written.
Signed and delivered
by the within named A
Signed and delivered
by the within named B
Signed and delivered
by the within named C
WITNESSES;
1.
2.
