The two vertical welds, the weld-group centroid and the load P applied at the eccentricity are drawn. At the critical far corner, the direct-shear (blue), torsional-shear (orange) and resultant (red) vectors are shown.
$$\tau_{direct}=\frac{P}{A},\qquad \tau_{torsion}=\frac{M\,r}{J},\qquad \tau_{result}=\sqrt{(\tau_{tV}+\tau_{direct})^{2}+\tau_{tH}^{2}}$$
Direct shear stress τ_direct (P: load, A: throat area), torsional shear stress τ_torsion (M = P·e: torsional moment, r: distance from the centroid, J: polar moment of inertia), and the resultant peak stress τ_result. The direct and torsional shears must be combined as vectors at the critical far corner (τ_tV: vertical torsion component, τ_tH: horizontal torsion component).
$$J = 2\left(\frac{a\,d^{3}}{12}\right)+2\,(a\,d)\left(\frac{b}{2}\right)^{2},\qquad a = 0.707\,s$$
Polar moment of inertia J of the weld group. The welds are treated as lines of effective throat thickness a, summing each weld's own term and the spacing term from the parallel-axis theorem. a: throat, d: weld length, b: weld spacing, s: weld size.