Amend partnership deed required

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I need latest format for amend partnership deed agreement for incoming partner 

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Quick Summary
This discussion provides a template for amending a partnership deed, specifically for the admission of a new partner. It outlines the key details that should be included, such as firm name, existing partner details, incoming partner information, profit-sharing ratios, and the effective date of the amendment. The provided format covers capital contributions, profit/loss sharing, and options for partner admission or retirement, ensuring all other original deed clauses remain valid.

There is no one size fits all format. However, typically, it should include details like: 

Name of the partnership firm 

Names of existing partners

Details of the incoming partner

Changes in profit-sharing ratio

Effective date of amendment

Signatures of all partners

This one format can be used

DEED OF AMENDMENT TO THE PARTNERSHIP DEED



This Deed of Amendment is made and executed on this ___ day of __________, 20___ at __________________.


BETWEEN

1. Mr./Ms. ____________________, S/o / D/o ____________________, residing at ______________________________________________ (First Partner)

2. Mr./Ms. ____________________, S/o / D/o ____________________, residing at ______________________________________________ (Second Partner)


(All the above persons are collectively referred to as 'the Partners')

 

 

WHEREAS

1. The Partners had entered into a Partnership Deed dated ___/___/20___ to carry on the business in the name and style of M/s ____________________, having its principal place of business at ____________________.

2. The Partners have mutually agreed to amend certain clauses of the said Partnership Deed.

3. The Partners have decided to record the amendments in writing.


NOW THIS DEED WITNESSETH AS UNDER:

1. Amendment in Capital Contribution

The capital contribution of the Partners shall be as under:
Mr./Ms. ____________________ – ₹____________
Mr./Ms. ____________________ – ₹____________

The capital may be increased or decreased with mutual consent of the Partners.

2. Amendment in Profit Sharing Ratio

The profit and loss sharing ratio shall be as under:
Mr./Ms. ____________________ – ______ %
Mr./Ms. ____________________ – ______ %

This revised ratio shall be effective from ___/___/20___.

3. Admission / Retirement of Partner (If Applicable)

Mr./Ms. ____________________ is admitted as a Partner w.e.f ___/___/20___.
OR
Mr./Ms. ____________________ has retired from the Partnership w.e.f ___/___/20___.

4. Change in Firm Name (If Applicable)

The name of the firm shall be changed from M/s ____________________ to M/s ____________________ with effect from ___/___/20___.

5. Continuation of Other Clauses

Except for the amendments mentioned above, all other terms and conditions of the original Partnership Deed dated ___/___/20___ shall remain unchanged and continue to be in full force and effect.

 

 

IN WITNESS WHEREOF

The Partners have signed this Deed of Amendment on the day and year first above written.



First Partner
Signature: ____________________


Second Partner
Signature: ____________________



Witnesses:

1. Name: ____________________

   Address: ____________________

   Signature: ____________________


2. Name: ____________________

   Address: ____________________

   Signature: ____________________

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