Deed of Retirement of One Partner and Admission of A New Partner-Deeds-Partnership-1802

Deed of Retirement of one Partner and Admission of a new
Partner
AGREEMENT is made at ... this ... day of ... between Mr. A and Mr. B both residing at... and
at... respectively, hereinafter referred to as the Continuing Partners' of the One Part and Mr. C
residing at ... hereinafter referred to as the 'Retiring Partner' of the Second Part and Mr. D
residing at ... hereinafter referred to as 'New Partner' of the Third Part,
WHEREAS -
1. The Continuing Partners and the Retiring Partner are carrying on business in partnership
in the name of M/s... under the Deed of Partner ship dated ... entered into by and between
the Continuing Partners and the Retiring Partner.
2. The Retiring Partner desires to assign or transfer his share in the said Partnership to the
New Partner and retire from the partnership.
3. The Continuing Partners have agreed to admit the New Partner as a partner in place of the
Retiring Partner.
4. It is agreed to enter into this agreement to give effect to the said transaction.
NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
1. The Retiring Partner hereby assigns and transfers all his share, right, t i t l e and interest in
the said partnership business together with all the assets including goodwill and all
outstandings, benefits of all permits and licenses held by the Firm and outstanding contracts
for a consideration of Rs... paid by the New Partner to the Retiring Partner on the execution
of these presents (receipt whereof the Retiring Partner doth hereby admit) to hold the same
unto the New Partner absolutely but subject to all debts and liabilities of the Firm.
2. The Retiring Partner releases all his rights and claims to and in the said Firm and its
assets of all kinds.
3. The Retiring Partner agrees and undertakes not to carry on the same or similar business as
that carried on by the Firm for a period of atleast two years from now.
4. The Continuing Partners agree to indemnify and keep indemnified the Retiring Partner
against all loss, costs, charges and expenses that the Retiring Partner may suffer or incur on
account of any claim being made against him as a Partner of the said Firm.
5. The Continuing Partners admit the New Partner as a Partner of the said Partnership in
place of the Retiring Partner and on the basis of the same terms and conditions as are
contained in the said Deed of Partnership hereinbefore recited as if the New Partner was a
party to the said Deed of Partnership in place or stead of the Retiring Partner except that the
New Partner will not be entitled to the benefits by way of profits earned during the period
upto the date of these presents.
6. The share of the New Partner in the capital assets and profits and losses of the New
Partner in the said Partnership will be the same as that of the Retiring Partner under the said
Deed of Partnership.
7. The New Partner covenants with the said Continuing Partners that he holds himself liable
and undertakes to pay the debts and liabilities of the said Firm alongwith the Continuing
Partners as if the said debts and liabilities were incurred while he was a partner of the said
Firm.
8. The said Partnership between the Continuing Partners and the New Partner will continue
hereafter on the same terms and conditions as are contained in the said Deed of
Partnership.
9. The change in the Constitution of the said Partnership hereby effected will be
notified to the Registrar of Firms and the Income Tax Department within the prescribed
time and will also be published in the Government Gazette in due course, and fresh
application for registration of the partnership will be made under Income Tax Act.
IN WITNESS WHEREOF the parties hereto have put their respective hands the day and year first
hereinabove written.
Signed and delivered by the
withinnamed Continuing Partners
M/s. A & B in the presence of……

within-named Retiring Partner
Mr. C in the presence of ...

Within-named New Partner
Mr. D in the presence of

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