Contracts admitting new members

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Contracts admitting new members. _________, _________, and _________, engaged as partners in _________ under the firm name of _________, as created by an agreement of partnership entered into between them on _________, 19__, called present partners, admit _________ of _________ and _________ of _________, called new partners, into general partnership with them in the _________ business upon the following terms and conditions: 1. The partnership created shall commence as of _________, 19__, and continue until the close of business on _________, 19__. 2. New partners shall be the resident partners of the firm, conducting business in the offices of the firm at _________ street, _________, and in and through _________ office shall devote their entire time and give their best endeavors to the development of the business of this partnership. 3. Each of the new partners may draw from the firm as a salary _________ dollars monthly during the term of this agreement, in lieu of all other share or benefit to which they might be entitled (except as provided below) as a member of the firm. The present partners guarantee monthly payment to new partners and further agree to indemnify and hold each of them harmless against any and all share of partnership loss which they might otherwise sustain and incur by reason of any matter or thing arising during the term of this agreement. 4. New partners shall in addition be paid equally between them the amount, if any, by which _________ of the net profits (without deduction of salaries) shown on the books of the _________ office plus _________ of the profits credited to the _________ office upon the books of the firm in _________ shall exceed _________ dollars drawn or drawable in salary by the new partners, as hereinabove provided, as these profits shall appear upon the books of the firm at the end of each fiscal year. 5. The terms and conditions of these presents constitute the agreement between the parties as copartners and all former understandings and agreements between them are annulled.

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