Deed Of Partition Dividing The Joint Family Business Only While Other Properties Remaining Joint Legal Draft Template
| Category | Agreements Partition |
| Format | |
| File name | Deed of Partition Dividing the Joint Family Business only While other Properties Remaining Joint |
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Shri.s/or/o.(hereinafter
called first party), and Shri ..s/o.. r/o..(hereinafter called second
party) Shri.s/or/o.(hereinafter called third party), and do hereby
execute this Deed Of Partition between themselves on this . Day ofWhereas the aforesaid
parties are real brothers comprising a Hindu undivided family which owns
movable and immovable properties and a business in the name and style of..at
Bombay.And Whereas the
aforesaid parties desire to effect a partial partition in order to divide only
the aforesaid joint family business in the name and style of for smooth
running of the aforesaid business on partnership basis at Bombay without
touching the other joint family properties.NOW THIS DEED
WITNESSETH as follows:1.
That
this partial partition is being effected only with regards to the family
business being carried on in the name and style of..at Bombay.2.
That
the entire capital of the aforesaid joint family form, according to balance
sheet annexed herewith, has been assessed to be Rs.6 lacs.3.
That
the aforesaid capital is now divided in three equal shares of Rs.2 lacs each
which has been credited in the personal accounts of each party in the books of
the firm so that each party has the said amount of Rs.2 lacs separately.4.
That
thus the entire property of the aforesaid firm now stands transferred to each
party in equal shares.5.
That
the aforesaid parties hereby agree with each other to pay and discharge
severally all the debts, claims and liabilities of the aforesaid firm.6.
That
with the execution of this present deed of partition the aforesaid family
business of ceases to exist as joint family business.7.
That
the duty is pay on a sum of Rs.4 lacs which is equal to two equal shares of the
aforesaid two parties.IN WITNESS WHEREOF
the aforesaid parties have signed this deed on the day and year first above
written.Witnesses :1..2..Sd/-1. First party2. Second party3. Third party