Deed of Dissolution,
where One Partner takes over Assets and Liabilities of the Business
This Deed made at
................. this ............ day of ............., 2000, 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.
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.
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 ALL THAT the one-half share and interest of and in the
business and stock-in-trade, assets and other personal chattels including the
goodwill thereof TO HOLD the same unto the continuing partner absolutely for
ever.
5.
The
continuing partner hereby covenants with the retiring partner that he shall
discharge all the debts, liabilities and obligations of the partnership and
will at all times hereafter keep the retiring partner indemnified against the
said debts, liabilities and obligations and from all actions, proceedings,
costs, claims and demands in respect thereof.
6.
The
retiring partner hereby covenants with the continuing partner that he shall not
engage himself directly or indirectly in the business of
................................ for a period of ............................
years from the date of dissolution of the partnership.
7.
The
retiring partner hereby releases the continuing partner and the continuing partner
hereby releases the retiring partner from all actions, accounts, claims and
demands in relation to the said partnership and from all the covenants and
agreements contained in the said Deed of Partnership.
8.
The
continuing partner hereby agrees and undertakes that he shall notify the
dissolution of the partnership to the Registrar of Firms
.................................... and also in the .....................
Government Gazette and in two newspapers within ..................... days from
the date of execution hereof.
IN WITNESS WHEREOF
the parties have hereunto set their hands, the day and year first hereinabove
written.
Signed and delivered
by the within named A
Signed and delivered
by the within named B
WITNESSES;
1.
2.
