This action might not be possible to undo. Are you sure you want to continue?
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. retail convenience store)]; (B) The existing partners of the Partnership (the "Existing Partners") are [Name all the Existing Partners 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 Partners desire 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 hereby acknowledged, 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 and clear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interest therein, in accordance with the terms of this Agreement, including, but not limiting the generality of the foregoing [List Assets of Partnership (ie. all books, records, office furniture and other assets and goodwill]. 2. Payment The New Partner agrees to pay the Existing Partners the sum of $[Amount of Purchase Price (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is hereby acknowledged. 3. Entire Agreement This Agreement is sets forth the entire agreement between the parties relating to the subject 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 upon the parties unless it is in writing and executed by both parties.
-24. Successors and Assigns This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
[NAME OF 1ST EXISTING PARTNER]
[NAME OF 2ND EXISTING PARTNER]
[NAME OF NEW PARTNER]