Deed of Partition of H.U.F. Business
| Updated at | June 2010 |
This Deed of partition is made at................. this................. day of................. between (1)..................... of the First Part (2)................... of the Second Part (3)........................ of the Third Part and (4)...................... of the FOURTH PART being a Minor by his father and natural guardian Party of the First Part all of....................................... Hindu inhabitants as follows:
WHEREAS
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The Parties are members and Co-parceners of their joint and undivided Hind family, the Party of the First Part being the father, the Party of the Second Part being his wife and Parties of the Third and Fourth Parts being their sons of whom the Party of the Fourth Part is minor.
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The Parties hereto as members of their joint and undivided Hindu Family have an ancestral business of dealing in (or manufacturing..............................................................)
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The assets of the business consist of..................................................................................................
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The parties have decided to partition the joint family properties but as the said business cannot be partitioned it is proposed to convert the said business into a partnership business each party hereto being given the same share therein as he or she is entitled to as on partition in the joint family property under the Hindu Law.
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As on partition, the Parties hereto are all entitled to one fourth equal share.
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As the party of the Fourth Part is a minor and can not be a partner, he will be admitted only to the benefits of the partnership with a right to join as a regular partner on his completing eighteen years of age.
NOWIt is Agreed by and between the Parties hereto as follows:
(1) As from the.....day of.... the said business shall be carried on by the Parties hereto in contractual partnership and not as members of the said joint Hindu family
(2) The business will be carried on at the same place where it is carried on at present namely at................. and will be carried on in the name of M/s...............................................
(3) The business will be the same as carried on by the joint family namely to deal in (or manufacture of.................) and also such other business as the Parties hereto shall from time to time decide.
(4) The existing assets of the said business carried on by the family will be the assets of the partnership with the goodwill and will belong to the...
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