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Admission Of Additional Partner
1. Introduction. Agreement made [date] among [names] (Existing Partners) and [name] (Entering Partner).
2. Purchase of Partnership Interest by Entering Partner. Entering Partner hereby purchases a one-third interest in the [name] (Partnership) from Existing Partners, and Existing Partners hereby sell that interest in Partnership for the total sum of ........ dollars ($........).
3. Transfer of Interests. Existing Partners each acknowledge receipt of one half of the total price of ........ dollars ($........), and each hereby transfers to Entering Partner one third of his Partnership interest in Partnership.
4. Entry of Transfer on Partnership Books. Partnership's books of account will be closed as of the date of this Agreement, and all necessary adjustments will be made to reflect accrued and prepaid items and the value of Partnership's inventory. Upon opening the books of account, the necessary entries shall be made to reflect the transfers of Existing Partners' interests to Entering Partner.
5. Continuation of Partnership; Division of Profits and Losses; Management. Partnership will continue in existence and be governed by the Partnership Agreement made [date] between Existing Partners except that the Agreement shall be deemed amended to provide that profits and losses will be equally divided among Existing Partners and Entering Partner, as will management of Partnership. A copy of the Partnership Agreement made [date] is annexed hereto [omitted] and made a part hereof.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____