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Addendum To Partnership Agreement

Addendum To Partnership Agreement Template for India

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Addendum To Partnership Agreement

"I need an Addendum to Partnership Agreement to add a new partner to our existing IT consulting partnership in Mumbai and modify the profit-sharing ratio among all five partners, with the changes to take effect from March 1, 2025."

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Document background
The Addendum To Partnership Agreement is a crucial legal instrument used when partners need to modify their existing partnership arrangement in India. It is commonly required when circumstances necessitate changes to the original agreement, such as adjusting profit-sharing ratios, accommodating new partners, updating capital contributions, or revising management responsibilities. This document must comply with the Indian Partnership Act, 1932, and other relevant Indian legislation. It serves as a formal record of modifications while preserving the continuing validity of unmodified terms from the original agreement. Partners typically utilize this document to ensure business continuity while adapting to changing business needs or partner relationships, making it essential for maintaining legal compliance and clear documentation of partnership evolution.
Suggested Sections

1. Parties: Identification of all existing partners and any new partners being added through this addendum

2. Background: Reference to the original partnership agreement, its date, and the reason for this addendum

3. Definitions: Key terms used in the addendum, including references to definitions in the original agreement

4. Effective Date: Specifies when the modifications take effect

5. Amendments to Original Agreement: Detailed listing of specific clauses being modified, removed, or added

6. Ratification: Confirmation that all other terms of the original agreement remain in full force and effect

7. Governing Law: Confirmation of Indian law governance and jurisdiction

8. Execution: Signature blocks for all partners, including existing and new partners if applicable

Optional Sections

1. Change in Profit Sharing: Include when modifying the profit-sharing ratio between partners

2. Capital Contribution Changes: Include when partners are making additional capital contributions or withdrawals

3. Management Rights Modification: Include when changing management responsibilities or voting rights

4. Addition of New Partner: Include specific terms and conditions when adding a new partner

5. Retirement of Partner: Include when a partner is retiring, including settlement terms

6. Business Scope Modification: Include when changing the nature or scope of partnership business

7. Duration Extension: Include when extending or modifying the partnership term

Suggested Schedules

1. Schedule A - Modified Capital Contributions: Detailed breakdown of new capital contribution structure

2. Schedule B - Revised Profit Sharing Ratio: Updated profit-sharing percentages among partners

3. Schedule C - Modified Management Structure: New management responsibilities and decision-making processes

4. Appendix 1 - Partner Details: Updated information about all partners including any new additions

5. Appendix 2 - Consent Letters: Written consents from all partners agreeing to the modifications

6. Appendix 3 - Supporting Documents: Any relevant certificates, licenses, or other documents supporting the modifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























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Relevant Industries

Professional Services

Legal Services

Accounting and Financial Services

Medical Practices

Architecture and Design

Engineering Consultancy

Real Estate

Information Technology

Management Consulting

Retail and Trading

Manufacturing

Construction

Relevant Teams

Legal

Finance

Compliance

Operations

Administration

Risk Management

Corporate Governance

Business Development

Partner Relations

Document Management

Relevant Roles

Managing Partner

Senior Partner

Junior Partner

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Company Secretary

Business Development Manager

Finance Director

Operations Manager

Partnership Administrator

Compliance Officer

Risk Manager

Industries




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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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