Model Format of Deed of Dissolution, Where One Partner Takes Over Assets...

Model Format of Deed of Dissolution, Where One Partner Takes Over Assets and Liabilities of the Business

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Deed of Dissolution, Where One Partner Takes Over Assets and Liabilities of the Business
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….

Note: This is just the part of the agreement. To get it drafted completely by legal experts, kindly contact the expert team of Aapka Consultant by clicking here

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