Deed Of Partial Partition Dividing The Joint Family Business Only While Other Properties Remaining Joint Legal Draft Template

This Deed of Partial

Partition is made on the .. day of , BETWEEN AK, S/0 PG R/o .

(hereinafter called the first party) of the first part, AG, s/o PG R/o

..(hereinafter called the second party of the second part AND PK

s/o PG, R/o . (hereinafter called the third party ) of the third party.Whereas the aforesaid

three brothers constituted a Hindu undivided family and the said Hindu

undivided family besides owning immovable properties carried on the business of

General Stone Supplying CO. in the city of ...And Whereas the said

members of the said Hindu family desire to divide the aforesaid joint business

of he joint family Stone Supplying Co. for smoothly and profitably running the

business on partnership basis while keeping the other property of the said

family joint and intact.NOW THIS DEED

WITNESSES as follows:1.

That

all other properties of the Hindu undivided family of which the parties are

constituents will remain intact and joint of the Hindu undivided family as no

partition has been affected of it. Only the business of the family known as

Stone Supplying Co. is partitioned.2.

That

the interest of the interest of the Hindu undivided family in the said firm of

Stone Supplying Co. has been determined at Rs.. which is called capital

of the said joint family firm according to balance sheet appended with this

deed.3.

That

the said capital or Rs .. is now apportioned in equal shares amongst the

parties hereto and accordingly Rs. each has been credited in the personal

accounts of each party in each has been credited in the personal accounts of

each party in the books of the firm so that each party holds the said amount of

Rs. . in severalty.4.

That

all the property of the said family firm of stone Supplying Co. has now been

transferred to each party in equal shares severally.5.

That

the parties aforesaid covenant with each other to discharge severally all the

liabilities and claims against the family business of Stone Supplying Co.6.

That

from this date the said family business of Stone Supplying Co. ceased to exist

as joint family business.7.

That

the value of two equal shares amounts to Rs. on which duty is paid.IN WITNESS WHEREOF

the said parties have set their hands to this deed on the day and year first

above mentioned.Witnesses:1.

(Sd/-_________________(First Party)2_______________

(Sd/-_________________(Second Party)