Agreement Adding Silent Partner To Existing Partnership Template printable pdf download

Agreement Adding Silent Partner to Existing Partnership

This contract made _________, 20_____, by and between A and B, partners under the partnership

name of _________, and C, of _________.

A and B have carried on the business of _________ as partners under and by virtue of

articles of partnership, dated _________, 20__.

A and B are desirous of increasing the capital of their business, for the purpose of more

effectually carrying it on, and have agreed to admit C into partnership with them, upon the

terms and conditions contained here upon his [her] advancing _________ dollars, to be

added to the partnership capital and effects.

In pursuance of the recited agreement, and in consideration of _________ dollars, to be

advanced and brought in by C to the account of the partnership, at or before its execution,

each of them, A, B and C, the partners, covenant and agree that they will be partners in the

business of _________ for the term of _________ years, commencing from the _________

day of _________, subject to the agreements below.

The capital of the partnership shall be _________ dollars, to be brought in by the partners

in the following proportions, namely: A and B shall bring in _________ dollars, the original

capital of the partnership, under the recited indenture of the _________ day of _________,

and being one-third of the partnership capital, and C shall bring in _________ dollars so

agreed to be advanced, being two-thirds of the partnership capital, which last mentioned

_________ dollars shall be paid by C into the _________ bank to the credit of the

partnership, on or before the _________ day of _________. The partners shall be

considered as creditors with respect to the capital, and shall be allowed interest at the rate

of _________ percent per year.

That the business of the partnership shall be carried on at the present store, warehouse,

and premises, or at such other place or places as the partners shall from time to time agree

upon, under the same style and firm, and in the same manner in all respects as the

partnership business has been carried on by A and B.

That the partnership business shall be managed and carried on, and all purchases, sales,

bills of parcels, orders, notes, letters, bills, receipts, payments, contracts, securities,

dealings, and transactions, which shall be made, given, or taken for any matter or thing

concerning the same, shall from time to time be so made, given, taken, and entered into in

the name of A and B.

That all goods, wares, and merchandise bought and sold, received in or delivered out, and

the prices for which they were bought and sold, and all moneys, payments, securities, and

dealings in general relating to the partnership business, shall be charged daily and entered

by A and B in proper books for that purpose, and, in particular, that a book shall be kept for

Agreement Adding Silent Partner To Existing Partnership Template