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Agreement To Admit New Partner
____________________, referred to herein as "Partners" and ____________________, referred to as "New Partner" do hereby agree:
That are the sole general partners of the partnership, a limited partnership under the laws of the state of [State].
That are the sole limited partners of the partnership.
That shall be admitted as a new limited partner in this partnership upon the terms and conditions set forth herein.
New Partner shall on or before [Date] contribute $------ in partnership capital, time being of the essence.
New Partner shall accede to all of the rights and obligations of a limited partner of the partnership upon making of the capital contribution.
It is agreed between the parties, that subject to any credits or debits in the ordinary course of business, that the capital accounts of the partners, shall, effective on the date when the New Partner contributes capital be as follows:
New Partner's relationship with the partnership shall be governed by the same terms as the partnership agreement dated [Date] subject to the adjustments in capital account and liability limitations set forth herein.
This is the entire agreement between the parties and this agreement may only be amended in writing.
*** 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: _____