SME Toolkit India - Deed of Dissolution Of Partnership

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Deed of Dissolution Of Partnership

Deed of Dissolution of Partnership

THIS DEED OF DISSOLUTION OF PARTNERSHIP executed on the

day of Two Thousand

A M O N G :

1)

2)

3)

4)

(hereinafter referred to as the "FIRST PARTY"

"SECOND PARTY", "THIRD PARTY" and "FOURTH

PARTY", respectively, which expressions

shall, wherever the context so requires or

admits, mean and include, their respective

heirs, executors, administrators and

assigns).

WITNESSES AS FOLLOWS:

I. WHEREAS the Parties hereto are carrying on business in the

name and style of "____________________" from No._____, ____

__________, ________________, Bangalore under Reconstitution of

Partnership Deed dated __________;

II. WHEREAS the Parties hereto have decided not to continue

with the partnership and the Parties have decided to dissolve the

said Firm as under;

III. NOW THIS DEED OF DISSOLUTION WITNESSES AS FOLLOWS:

1) That the Parties hereto hereby confirm that the Firm of

"____________________" (earlier called as "__________________"

constituted under Deed of Partnership dated __________ is hereby

dissolved with effect from this date;

2) The Parties have verified the Balance Sheet and Profit and

Loss Account and received amounts to their respective share as

per the Book Balance and in view of the settlement of their

accounts and claims, the _____, ______ and _____ Parties hereby

release and relinquish all their right, title, interest and share

in the said Firm in favour of the Fourth Party;

3) The _____, ______ and ______ Parties shall keep the

______ Party fully indemnified and harmless in regard to any

claim that may arise against the ______ Party in regard to any

liabilities;

4) In consideration of the settlement of their account as

above, the _____, ______ and _____ Parties hereby release and

relinquish all their rights, title, interest and share in the

Partnership Firm including the name, licence, furniture, stock-

in-trade and benefits of contracts and use of the Premises except

debts;

5) The _____, ______ and _____ Parties hereby confirm and

declare that they have not incurred any debt in the name of or on

behalf of the Firm. In the event of the either the _____ Party

and/or ______ Party and/or _____ Party have incurred any such

debt, the _____, ______ and _____ Parties shall be responsible to

discharge the same. The _____, ______ and ______ Parties shall

also be responsible to discharge all liabilities incurred by them

in the name of "___________________";

6) The _____, ______ and _____ Parties shall keep the ______

Party fully indemnified and harmless against any cost or claim,

action or proceedings, loss or liability that may arise against

the ______ Party or the Firm by reason of any debt or liability

incurred by either the _____ Party or the ______ Party or the

_____ Party in or on account of ___ failing to discharging their

obligations as undertaken;

7) The ______ Party shall be liable to discharge all the

liabilities incurred hereinafter and he shall keep the _____,

______ and _____ Parties fully indemnified and harmless in regard

to any claim that may arise against the _____, ______ and _____

Parties by reason of the business carried on by the ______ Party;

8) The _____, ______ and _____ Parties shall do and execute

all acts, deeds and things as may be required by the ______ Party

and at the cost of the _____, ______ and _____ Parties for

completing any assessments, for obtaining any allotments,

extensions or renewals of licences or any other matter connected

with or relating to "____________________";

9) Each of the Parties hereto shall do and execute all acts,

deeds and things as required by the other parties for winding up

the affairs of the Firm and for filing return and completing

assessments;

10) It is hereby agreed by and between the parties hereto

that the ______ Party shall be entitled to carry on the existing

business as a proprietor thereof either in the same name or in

any other name of the said business and the ______ Party is

hereby entitled to the exclusive possession of the Premises made

available to ___ and the _____, ______ and _____ Parties shall

cease using the same;

IN WITNESS WHEREOF, the PARTIES hereto have executed this

DEED OF DISSOLUTION OF PARTNERSHIP in the presence of the

Witnesses attesting hereunder:

WITNESSES:



FIRST PARTY

SECOND PARTY

THIRD PARTY

FOURTH PARTY