Employee Partnership Agreements

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An agreement for use by a company or corporation who is admitting an employee as a partner.

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This Admission of Employee as Partner is for use by a company or corporation who desires to admit an employee to a partnership. This agreement sets forth the specific terms of the arrangement including transfer of partnership interests and payment for an interest. Having a well-written Admission of Employee as Partner agreement will be invaluable in the event of disagreements, misunderstandings or litigation.

This your state Admission of Employee as Partner includes the following provisions:
  • Parties: Identifies the name of the partnership and the employee/partner to be admitted;
  • Descriptions: Sets forth the description of the business where the partnership is being offered;
  • Transfer of Interest: Specifies the percentage of the partnership acquired and the assets of the partnership;
  • Payment: The purchase price the new partner pays for the partnership interest.

Protect yourself and your rights by using our professionally prepared up-to-date forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Admission of Employee as Partner for use in your state
State Law Compliance: This form complies with the laws of your state
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Admission of Employee as Partner

 

 
THIS AGREEMENT made as of [Date of Agreement], between [Name of Partnership] (the "Partnership") and [Name of New Partner to be Admitted] (the "New Partner").
WHEREAS:
(A)   The Partnership carries on the business of a [Describe business of Partnership (ie. retail convenience store)];
(B)   The existing partners of the Partnership (the "Existing Partners") are [Name all the Existing Partners of the Partnership];
(C)   New Partner is employed by the Partnership;
(D)   The New Partner desires to acquire an interest in the Partnership, and the Existing Partners desire and intend to continue the business in partnership with each other and the New Partner.
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   Transfer of Interest in Partnership
The Existing Partners hereby equally sell, assign and transfer to the New Partner, free and clear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interest therein, in accordance with the terms of this Agreement, including, but not limiting the generality of the foregoing [List Assets of Partnership (ie. all books, records, office furniture and other assets and goodwill].
2.   Payment
The New Partner agrees to pay the Existing Partners the sum of $[Amount of Purchase Price (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is hereby acknowledged.
3.   Entire Agreement
This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties.
4.   Successors and Assigns
This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
 
 
 
 
Witness
 
[NAME OF 1ST EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF 2ND EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF NEW PARTNER]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28553
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Admission of Employee as Partner

 

 
THIS AGREEMENT made as of [Date of Agreement], between [Name of Partnership] (the "Partnership") and [Name of New Partner to be Admitted] (the "New Partner").
WHEREAS:
(A)   The Partnership carries on the business of a [Describe business of Partnership (ie. retail convenience store)];
(B)   The existing partners of the Partnership (the "Existing Partners") are [Name all the Existing Partners of the Partnership];
(C)   New Partner is employed by the Partnership;
(D)   The New Partner desires to acquire an interest in the Partnership, and the Existing Partners desire and intend to continue the business in partnership with each other and the New Partner.
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   Transfer of Interest in Partnership
The Existing Partners hereby equally sell, assign and transfer to the New Partner, free and clear of all encumbrances, [Specify percentage of Partnership Acquired by New Partner (ie. 20%)] of the Partnership (the "Purchased Partnership Interest")and of their interest therein, in accordance with the terms of this Agreement, including, but not limiting the generality of the foregoing [List Assets of Partnership (ie. all books, records, office furniture and other assets and goodwill].
2.   Payment
The New Partner agrees to pay the Existing Partners the sum of $[Amount of Purchase Price (ie. $30,000)] for the Purchased Partnership Interest, the receipt of which is hereby acknowledged.
3.   Entire Agreement
This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties.
4.   Successors and Assigns
This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
 
 
 
 
Witness
 
[NAME OF 1ST EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF 2ND EXISTING PARTNER]
 
 
 
Witness
 
[NAME OF NEW PARTNER]
 

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