Deed of Retirement of one Partner and Admission of a new

Partner
AGREEMENT is made at ... this ... day of ... between Mr. A and Mr. B both residing at... and at...
respectively, hereinafter referred to as the Continuing Partners' of the One Part and Mr. C residing
at ... hereinafter referred to as the 'Retiring Partner' of the Second Part and Mr. D residing at ...
hereinafter referred to as 'New Partner' of the Third Part,

WHEREAS -
1. The Continuing Partners and the Retiring Partner are carrying on business in partnership in the
name of M/s... under the Deed of Partner ship dated ... entered into by and between the Continuing
Partners and the Retiring Partner.
2. The Retiring Partner desires to assign or transfer his share in the said Partnership to the New
Partner and retire from the partnership.
3. The Continuing Partners have agreed to admit the New Partner as a partner in place of the
Retiring Partner.
4. It is agreed to enter into this agreement to give effect to the said transaction.
NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
1. The Retiring Partner hereby assigns and transfers all his share, right, t i t l e and interest in the said
partnership business together with all the assets including goodwill and all outstandings, benefits of
all permits and licenses held by the Firm and outstanding contracts for a consideration of Rs... paid
by the New Partner to the Retiring Partner on the execution of these presents (receipt whereof the
Retiring Partner doth hereby admit) to hold the same unto the New Partner absolutely but subject to
all debts and liabilities of the Firm.
2. The Retiring Partner releases all his rights and claims to and in the said Firm and its assets of all
kinds.
3. The Retiring Partner agrees and undertakes not to carry on the same or similar business as that
carried on by the Firm for a period of atleast two years from now.
4. The Continuing Partners agree to indemnify and keep indemnified the Retiring Partner against all
loss, costs, charges and expenses that the Retiring Partner may suffer or incur on account of any
claim being made against him as a Partner of the said Firm.
5. The Continuing Partners admit the New Partner as a Partner of the said Partnership in place of
the Retiring Partner and on the basis of the same terms and conditions as are contained in the said
Deed of Partnership hereinbefore recited as if the New Partner was a party to the said Deed of
Partnership in place or stead of the Retiring Partner except that the New Partner will not be entitled to
the benefits by way of profits earned during the period upto the date of these presents.
6. The share of the New Partner in the capital assets and profits and losses of the New Partner in
the said Partnership will be the same as that of the Retiring Partner under the said Deed of
Partnership.
7. The New Partner covenants with the said Continuing Partners that he holds himself liable and
undertakes to pay the debts and liabilities of the said Firm alongwith the Continuing Partners as if
the said debts and liabilities were incurred while he was a partner of the said Firm.
8. The said Partnership between the Continuing Partners and the New Partner will continue
hereafter on the same terms and conditions as are contained in the said Deed of Partnership.
9. The change in the Constitution of the said Partnership hereby effected will be notified to
the Registrar of Firms and the Income Tax Department within the prescribed time and will also be
published in the Government Gazette in due course, and fresh application for registration of the
partnership will be made under Income Tax Act.
IN WITNESS WHEREOF the parties hereto have put their respective hands the day and year first
hereinabove written.
Signed and delivered by the
withinnamed Continuing Partners
M/s. A & B in the presence of……
Signed and delivered by the
within-named Retiring Partner
Mr. C in the presence of ...

Signed and delivered by the

Within-named New Partner
Mr. D in the presence of

DEED OF ADMISSION-CUM-RETIREMENT This AGREEMENT is made at 25th day of

October 2017 between Mr. Sanjay Maurya residing at 228 Pusa Road Karol Bagh,
Delhi (earlier resident of 147 Old Rajinder Nagar, Karol Bagh, Delhi). Here in after
referred to as the ‘Continuing Partner’ of the One Part and Mr. Sachin Kumar
Singh residing at 228 Pusa Road Karol Bagh, Delhi hereinafter referred to as
‘New Partner’ of the Second Part and Delhi Mr. Neeraj Joshi residing at LIG
3/20/526 Nehru Nagar, Kendriya Vidyalaya School, Huzur, Rewa here in after
referred to as ‘Retiring Partner’ of the Third Part. WHEREAS – 1. The Continuing
Partner and the Retiring Partner are carrying on business in partnership in the
name of M/s Shine Web Solution (Pan No ADSFS4695K) under the Deed of
Partnership dated 26st September, 2015 entered into by and between the
Continuing Partner & the Retiring Partner. 2. The Continuing partner and the
Retiring Partner have agreed to admit the New Partner as a partner in place of
the Retiring Partner. 3. The Retiring Partner desires to assign or transfer his
share in the said Partnership to the New Partner and retire from the partnership.
4. It is agreed to enter into this agreement to give effect to the said transaction.
NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS: 1.
The Continuing Partner admit the New Partner as a Partner of the said
Partnership in place of the Retiring Partner and on the basis of the same terms
and conditions as are contained in the said Deed of Partnership hereinbefore
recited as if the New Partner was a party to the said Deed of Partnership in place
or instead of the Retiring Partner except that the New Partner will not be entitled
to the benefits by way of profits earned during the period up to the date of these
presents. 2. The share of the New Partner in the capital assets and profits and
losses of the New Partner in the said Partnership will be the same as that of the
Retiring Partner under the said Deed of Partnership. 3. The New Partner
covenants with the said Continuing Partner that he holds himself liable and
undertakes to paid the debts and liabilities of the said firm along with the
continuing partner as if the said debts and liabilities were incurred while he was
a partner of the said firm. 4. The Retiring Partner hereby assigns and transfers all
his share, right, title and interest in the said partnership business together with
all the assets including goodwill and all outstanding, benefits of all permits and
licenses held by the Firm and outstanding contracts and confirm that no amount
is due to him from New Partner or from Continuing Partner or the firm 5. The
Retiring Partner releases all his rights and claims to and in the said Firm and its
assets of all kinds. 6. The Retiring Partner agrees and undertakes not to carry on
the business with same or similar name as that carried on by the Firm. However,
he is free to carry out similar business with a different name if he so desires 7.
The Continuing Partner agree to indemnify and keep indemnified the Retiring
Partner against all loss, costs, charges and expenses that the Retiring Partner
may suffer or incur on account of any claim being made against him as a Partner
of the said firm. 8. The said Partnership between the Continuing Partner and the
New Partner will continue hereafter on the same terms and conditions as are
contained in the said Deed of Partnership. 9. The change in the Constitution of
the said Partnership hereby effected will be notified to the Income Tax
Department within the prescribed time IN WITNESS WHEREOF the parties hereto
have put their respective hands the day and year first here in above written.
Signed and delivered by the 1. Within named Continuing Partner Mr. Sanjay
Maurya in the presence of …….. 2. Signed and delivered by the within named New
Partner Mr. Sachin Kumar Singh in the presence of ……. 3. Signed and delivered
by the within named Retiring Partner Mr. Neeraj Joshi in the presence of ……..

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