Deed Of Dissolution, Where One Partner Takes Over Assets And Liabilities Of The Business Legal Draft Template

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 ASigned and delivered

by the within named BWITNESSES;1.2.