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TMI Blogadmission cum retirement deed formatX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir/madam pls send me a format of admission cum retirement deed i required on urgent basis Email id [email protected] - Reply By Ravi Chopra - The Reply = If you are talking about partnership Firm, then please see: RETIREMENT-CUM-ADMISSION DEED THIS INDENTURE made at Delhi this day of One Thousand Nine Hundred Ninety BETWEEN 1. Indian Inhabitant of Delhi, residing at of the ONE PART (hereinafter referred to as "THE RETIRING PARTNER/S") AND 2. Indian Inhabitant of Delhi, residing at of the SECOND PART (hereinafter referred to as "THE CONTINUING PARTNER/S) 3. Indian Inhabitant of Delhi, residing at of the THIRD PART (hereinafter referred to as "THE NEW ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PARTNER/S") WHEREAS by and under the Indenture of Partnership dated, 201x the parties hereto were carrying on the business of in Partnership at Delhi 1100 from to in the Firm name and style of AND WHEREAS the party/parties hereto of the One Part expressed his/her/their desire to retire on and with effect from day of 201x from the said Partnership of leaving the party/parties hereto of the Second Part as the sole and absolute owner/s of all the Assets and Liabilities of the said Partnership of including the Goodwill thereof AND WHEREAS the party/parties hereto of the Second Part has agreed for the Retirement of the party/parties hereto of the One Part AND WHEREAS the party/par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties of the Third Part herto expressed his/her/their desire to join the party/parties of the Second Part as partner to which the parties hereto of the Second Part agreed. AND WHEREAS the party/parties hereto have expressed his/her/their desire to record the terms and conditions of Retirement of the Party/Parties hereto of the One Part and admitting party of the Third Part as new partner into writing. NOW THIS INDENTURE WITNESSETH AS FOLLOWS : 1. The party/parties hereto of the One Part has/have retired from the Partnership of on and with effect from day of 201x and the party of the Third Part is admitted on the same day. 2. Valuation and estimation of accounts to the mutual satisfaction of all the parties heret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o have been made of all the properties, assets, credits and effect of the said business of including the goodwill and the liabilities thereof as on the day of , 201x and the Continuing Partner/s being the party/parties hereto of the Other Part have agreed to pay the amount of Rs.( Rupees ) to the party/parties hereto of the One Part respectively on or before 201x that shall stand credited to the Loan accounts of the party/parties hereto of the One Part respectively on finalization of accounts of the Partnership Business of for the period ending, 201x in full and final settlement of the accounts of the Retiring Partner/s in the Partnership of 3. It is als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o agreed by and between the parties hereto that the Continuing Partner/s and New Partner shall become the absolute owner/s of the all the assets, liabilities, stock in trade, property, fixtures, articles and goodwill of the said business of and shall also be entitled to carry on and continue the said business under the name and style of 4. In order to better enable the Continuing Partner/s and New Partner/s to get in and receive the Partnership estate, effects, assets and Premises the Retiring Partner/s hereby irrevocably appoints them the Continuing Partner/s and New Partner/s the true and lawful attorneys of the Retiring Partner/s in his/her/their names severally or jointly with and in the name of the other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of them of the Continuing Partner/s and New Partner/s or otherwise but at the sole risk and costs of the Continuing Partner/s and New Partner/s to ask, demand, sue for recover and receive and to sign and give full and effectual receipt and discharge for all and singular the debts, estates and effects of or due or owing or in anywise belonging to the said Partnership or any party thereof with sufficient power and authority to settle all accounts, reckonings, matters and things whatsoever relating to the said business with all and every or any person/s whosoever and to compound for or release all or any of the debts or claims belonging thereto and to submit the same or any questions or controversy relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereto to arbitration and otherwise to act in the premises in all things for the purposes aforesaid and generally to take and prosecute every and any method expedient whatsoever for recovering and receiving the said Partnership estate, effects or any part thereof in as full ample beneficial a manner to all intents and purposes as they the Retiring Partner/s and the Continuing Partner/s might or could jointly have done in case the said Partnership had been still subsisting. 5. The party/parties hereto covenant with each other that the Continuing Partner/s and New Partner/s shall pay and satisfy or cause to be paid and satisfied all debts and liabilities of the Partnership on the date of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he retirement of the Retiring Partner/s and the Retiring Partner/s shall have no responsibility ----------------------------------------------------------------- and liability of paying and satisfying the Liabilities of any sort of the Partnership Business on the day of their retirement except that the payment of Income Tax by the Retiring Partner/s on account of any Income accruing to them respectively from the Partnership till the date of their retirement shall be paid and discharged by the Retiring Partner/s only to whomsoever it may belong and the Continuing Partner/s shall not be responsible for the same. 6. The Retiring Partner/s hereby agrees and undertake/s to sign, execute and do all such things in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of further documents, deeds, acts and things as the Continuing Partner/s and New Partner/s shall reasonably require for completely and effectively carrying out this Deed of Retirement.7. The partnership Business shall be continued to be carried on in the firm name and style of and may further be carried on in such other name or names as the parties of Second Part and Third Part hereto may mutually agree upon from time to time. 8. The Partnership shall be deemed to have come into force on and from the day of 9. Duration of the Partnership Business shall be "AT WILL". 10. The Partnership Business shall be continued to be that of and further any other business as the party/parties hereto may mutually ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ree upon from time to time. 11. The Partnership business shall be continued to be carried on at and may further be carried on at any other place or places as the party/parties hereto may mutually agree upon from time to time. 12. Capital of the Partnership Business shall consist of such sum or sums as may be contributed by the party/parties hereto from time to time and additional fund required for running the partnership business may be borrowed from banks, financial institutions and/or any other such sources with or without security as the parties hereto may mutually agree upon from time to time. 13. Interest at such rate as partners may decide from time to time or such lower/higher rate as may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed under section 40(b) (iv) of the Income Tax Act, 1961 shall be payable by the partnership firm on the amount standing to the credit of the capital and/or current or loan account of the partners. The partners shall be at liberty to increase or reduce the above said rate of interest from time to time. Partners may agree by mutual consent to waive or reduce the rate of interest payable to them in respect of their capital and loan accounts in the case of losses or of small profits or because of difficult financial position of the business of the firm. 14.a. It is agreed by and between the parties hereto that the following partner/s (herinafter referred to as "working partner/s") who are devo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting their time and attention in the conduct of the affairs of the Firm as the circumstances and business needs may require, shall be paid remuneration to the following partners:- of the Income Tax Act, 1961. Sr.No. Name of the Partner Either Or 1. whichever is lower The total remuneration, bonus, commission payable to the working partners shall be worked out as per limit laid down by section 40(b) of the Income Tax Act, 1961. It is specifically agreed that the total remuneration, bonus, commission payable to working partners shall not exceed Rs. 50,000/- per annum, incase of loss or small profits. b. The remuneration payable to the working p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artners as above shall be credited to their respective accounts on ascertainment of book profits. The partners shall be entitled to increase, reduce or waive the above remuneration and may agree to pay remuneration to other partner or partners. The parties hereto may also agree to revise the mode of calculating the above remuneration and decide to pay remuneration and grant other benefits. c. The net profits of the partnership business after deducting interest credited to the partners' capital account and remuneration payable to the working partners in accordance with this clause of the Deed Of Partnership shall be divided and distributed amongst the partners on the close of the accounti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng year in the following ratio: S.No. Name of the Partners Share % 1. 2. 3. ------ 100% ====== Losses include the loss of capital, if any shall be borne by the parties hereto in the same roportion. 15. Account shall be maintained for all the transactions of the Partnership Business and Books of Accounts shall be closed and adjusted for each Financial Year on 31st March and Balance Sheet and Profit and Loss Account of the Partnership Business shall be drawn for each Financial Year within reasonable time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after the end of Financial Year. 16. Account of the Partnership Business shall be continued with the present Bank and may further be opened with such Bank or Banks as the parties hereto may mutually agree upon from time to time and shall be operated by the parties hereto either jointly and/or severally. 17. Each Partner shall be just and faithful to the other Partners and shall diligently attend to the Partnership Business. No Partner shall without consent in writing of the other Partners (a) assign or pledge his/her share and interest in the Partnership to any other person. (b) lend money give credit or have any dealings with any person whom the other Partners shall have previously forbidden him/her to trust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 18. If any Partner desires to retire from the Partnership he/she shall give three Calendar months notice in writing to the other Partners expressing clearly his/her intention to retire from the Partnership and on the expiry of the period mentioned in the notice such Partner shall be deemed to have retired from the Partnership. 19. Death, insolvency or retirement of any Partner from the Partnership shall not dissolve the Partnership and Surviving Partner/s may continue to carry on the Business either as the Sole Proprietor or in Partnership with others/either in Partnership with themselves or with others as may be mutually agreed upon by and between the Surviving Partners. All the disputes a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd questions whatsoever whether between the parties hereto or between one of them and the legal heir or legal representative of the other or between their respective heirs or legal representative and whether during or after the determination of this Partnership and whether in relation to the interpretation of these presents or to any act or omission of a party to the dispute or as to any act which ought to be done by the parties in dispute or any of them in relation to any other matter whatsoever touching these presents shall be referred to a single arbitrator, if the parties can agree upon one and in case the parties do not agree, to two arbitrators one to be appointed by each party to the dispute and in case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... difference between the arbitrators, to the Umpire to be appointed by the arbitrators before they enter upon the arbitration and the award and the decision of the single arbitrator or of the two arbitrators or of the Umpire as the case may shall be final and binding upon both the parties and the provisions of the Indian Arbitration Act, 1940 or any statutory enactment for the time being in force as to arbitration shall apply so far as may be to such arbitration. IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands and seals the day and year hereinabove written. SIGNED, SEALED AND DELIVERED ) by the withinnamed the ) Continuing Partner ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) ) in the presence of: ) ( ) - admission cum retirement deed format - Query Started By: - arun hotkar Dated:- 3-6-2011 Corporate Laws / SEBI / LLP - Got 1 Reply - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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