Deed of Dissolution Of Partnership

Updated at:March 2010
 
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THIS DEED made at ..................... this ............. day of................. 20.......

BETWEEN

A, son of ............................................ resident of ....................................................... hereinafter referred to as Retiring partner, of the ONE PART and

B, son of ............................ resident of ................................ hereinafter referred to as Continuing partner of the OTHER PART.

The abovementioned parties hereinabove are refereed to as “Party” and collectively as “Parties”.

WHEREAS the Parties hereto were doing the business of ....................... at ................................. under the name and style of M/s. ............................................................... in terms of Deed of Partnership dated ..............................

AND WHEREAS on account of disputes and differences arising between them, the Parties have decided to dissolve the partnership on the terms and conditions hereinafter appearing.

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:

(1) The Parties hereto, hereby dissolve the partnership subsisting between them under the Deed of Partnership dated ......................with effect from .....................

(2) The assets and liabilities of the partnership have been assessed and the final balance sheet and profit and loss account have been taken and both the Parties have seen the said accounts and are satisfied about its correctness.

(3) The Continuing partner has paid to the Retiring partner a sum of Rs. ....................... (the receipt whereof the Retiring partner hereby acknowledges) as consideration of the share and interest of the Retiring partner in the assets, stock-in-trade, goodwill and tenancy rights of the firm.

(4) The Retiring partner as beneficial owner hereby assigns and releases unto the Continuing partner the one-half share and interest in the business and stock-in-trade, assets and other personal chattels including the goodwill thereof .

(5) The Continuing partner hereby covenants with the Retiring partner that he shall...

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