admission cum retirement deed format, Corporate Laws / SEBI / LLP

[arun hotkar]

Dear sir/madam

pls send me a format of admission cum retirement deed i required on urgent basis

Email id arunhotkar@gmail.com

 

Posts / Replies

[Ravi Chopra]

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 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/parties 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 hereto 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 also 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  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 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 the  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 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 agree 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 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 devoting 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  partners  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  accounting 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  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.

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 and 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  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               )

                                 )

                                 )

in the presence of:              )   (                     )