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Admission of Employee as Partner

Admission of Employee as Partner

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Published by Legal Forms

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Published by: Legal Forms on Jan 19, 2008
Copyright:Attribution Non-commercial

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05/18/2009

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Admission of Employee as Partner
THIS AGREEMENT
made as of [Date of Agreement], between
[Name of Partnership]
(the"Partnership") and
[Name of New Partner to be Admitted]
(the "New Partner").
WHEREAS:
(A)The Partnership carries on the business of a [Describe business of Partnership (ie. retailconvenience store)];(B)The existing partners of the Partnership (the "Existing Partners") are [Name all the ExistingPartners of the Partnership];(C)New Partner is employed by the Partnership;(D)The New Partner desires to acquire an interest in the Partnership, and the Existing Partnersdesire and intend to continue the business in partnership with each other and the New Partner.
NOW THEREFORE
in consideration of the recitals, the mutual covenants hereinafter set forth,and for other good and valuable consideration, the receipt and sufficiency of which is herebyacknowledged, the parties hereto hereby agree as follows:1.
Transfer of Interest in Partnership
The Existing Partners hereby equally sell, assign and transfer to the New Partner, free andclear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interesttherein, in accordance with the terms of this Agreement, including, but not limiting thegenerality of the foregoing [List Assets of Partnership (ie. all books, records, officefurniture and other assets and goodwill].2.
Payment
The New Partner agrees to pay the Existing Partners the sum of $[Amount of PurchasePrice (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is herebyacknowledged.3.
Entire Agreement
This Agreement is sets forth the entire agreement between the parties relating to thesubject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding uponthe parties unless it is in writing and executed by both parties.

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