Online Indian legal format for deed of dissolution of partnership drafted by our online Indian legal advisor to provide

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PARTINERSHIP DEED
Online Indian legal format for dissolution of partnership drafted by our online Indian legal advisor

THIS DISSOLUTION OF PARTNERSHIP is made on this --------------at --------------------------BETWEEN Sh.-------------------------------------------- of the first part, and (hereinafter called the Retaining partner), and Sh---------S/o------------------------------------------------------------------------------------------R/o------------------------------------------------------------------------------------------(hereinafter called as the Outgoing partner) WHEREAS it has been agreed between the parties hereto of the first and second parts that the partnership subsisting between them in the business of etc., carried on by them at etc., in the firm name of, etc., under the provisions of a partnership deed dated, etc. and made etc., shall be dissolved by mutual consent as from the date hereof: AND WHEREAS prior to the execution thereof the said partnership firm has delivered to the said Sh------------------------------------------ the whole of the partnership stock, effects and credits: NOW THIS DEED WTINESSES as follows:1. It is hereby recorded that the said partnership stood dissolved by mutual consent as from the day ---------------------------------------------------------and the said business shall henceforth belong to exclusively and be carried on by the said Sh--------------------------------------------------------as it sole proprietor. In consideration of the sum of Rs-------------------------------------------now paid by the said Sh---------------------------------------------------------to the said as beneficial owner, hereby assigns to the said Sh--------------ALL his share and other right, title and interest in the said dissolved partnership, the goodwill, fixture, fittings, book and other debts, benefits of contracts, and all effects thereof TO HAVE AND TO HOLD the same unto and to the use of the said Sh-------------------------------------absolutely and forever.

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The partners have hereby jointly and severally agree that they, or one of them, will pay or cause to be paid to the said outgoing partner or will pay or cause to be paid to the said out going partner the said sum of Rs.----------------------------------------------------------------------------------- in lieu of his share. The said outgoing partner shall alone have full right, liberty and authority to collect all the assets of the said late partnership with power to appropriate the same for his use and benefit and to ask, demand, sue for, recover and receive and to sign and give full and effectual receipts and discharges for all the debts, estate and effects of, or due or owing or in anywise belonging to the said partnership, and to settle all accounts, reckonings, matters and things whatsoever relative to the said business with all and every or any person or persons whosoever, and to compound for or release all or any of the debts or claims belonging thereto, and to institute any actions or other proceedings for compelling payment or delivery thereof. The said retaining partner shall alone remain solely and exclusively liable for the debts and liabilities of the said late partnership and also all future rent of the partnership business premises to be paid and discharged by him who shall further indemnify and keep indemnified the said outgoing partner therefrom and from all actions, proceedings, costs, claims and demands in respect thereof. Each of the parties hereto shall respectively sign, execute and do all such further documents, deeds, act and things as the other party may reasonably require for completely effectuating this agreement and each party shall pay his own costs in connection therewith. All moneys payable by installments at a future date under this agreement shall become payable immediately in the event of any act of insolvency being hereafter committed or suffered by the said retaining partner. The said outgoing partnership shall not, carry on or be engaged or concerned in, either by himself or as partner with any person or persons, or as employee or director of any company, any business.

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IN WITNESS WHEREOF the parties hereto have executed these presents on the day, month and year first above written.

Signed, sealed and delivered by Sh ---------------------------------------------------(retaining partner) and Sh---------------------------------------------------------(outgoing partner) respectively in The presence of witnesses: 1.

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