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  • Specimen of Dissolution Deed: Printed From Taxmann's Income Tax Rules On CD Page 1 of 1

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    Prabhu
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    This document summarizes a dissolution deed between two partners. The first partner will continue the business as the sole proprietor, while the second partner is retiring from the partnership to go abroad. As part of the dissolution agreement, the retiring partner will be paid to relinquish all claims and interests in the business. The continuing partner will take over all assets, debts and liabilities of the partnership going forward.

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    Dissolution Deed

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    This document summarizes a dissolution deed between two partners. The first partner will continue the business as the sole proprietor, while the second partner is retiring from the partnership to go abroad. As part of the dissolution agreement, the retiring partner will be paid to relinquish all claims and interests in the business. The continuing partner will take over all assets, debts and liabilities of the partnership going forward.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    70 views1 page

    Specimen of Dissolution Deed: Printed From Taxmann's Income Tax Rules On CD Page 1 of 1

    Uploaded by

    Prabhu
    This document summarizes a dissolution deed between two partners. The first partner will continue the business as the sole proprietor, while the second partner is retiring from the partnership to go abroad. As part of the dissolution agreement, the retiring partner will be paid to relinquish all claims and interests in the business. The continuing partner will take over all assets, debts and liabilities of the partnership going forward.

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    © All Rights Reserved
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    of 1

    SPECIMEN OF DISSOLUTION DEED

    This deed of dissolution made on the day of between ,


    son of , aged years, residing at of the
    first part, hereinafter referred to as the continuing partner, and , son
    of , aged years, residing at of the second
    part, hereinafter referred to as the retiring partner.
    WITNESSETH THAT WHEREAS the aforesaid parties of the first and second parts have
    been carrying on business in at in the
    name of , under a deed of partnership dated , and
    whereas , the party of the second part is going abroad for an
    indefinite period and is desirous of leaving the partnership, and the parties have agreed to
    dissolve the said partnership.
    NOW, THEREFORE, it is agreed by and between the parties of the first and second parts that
    :
    1. The partnership of shall stand dissolved as from .
    2. The retiring partner shall cease to have any interest in, or connection with the business of
    with effect from .
    3. In full consideration of his relinquishing all rights, claims and interests in the business and assets of
    , the retiring partner has been paid as mutually agreed a sum of Rs. (
    ) by the continuing partner which payment the retiring partner
    hereby acknowledges.
    4. The continuing partner shall be at liberty to continue the business in the name of either
    as sole proprietor or in partnership with others.
    5. The retiring partner hereby assigns and transfers unto the continuing partner all his share and interest in
    the partnership business of including book debts, goodwill and
    property.
    6. The retiring partner hereby irrevocably appoints the continuing partner as his attorney to demand, collect
    and receive from all persons, all and singular, the debts, effects and moneys of the said partnership, to
    bring and institute suits and proceedings against debtors of the firm, to compromise with them in any
    manner that he thinks fit and to give effectual receipts and discharges for the same.
    7. The continuing partner shall in due course pay all the debts and discharge all the liabilities of the said
    partnership and shall indemnify and keep indemnified the retiring partner against all actions, proceedings,
    costs and expenses in respect of matters relating to the said proceedings.
    8. The retiring partner shall not carry on any competing business in any capacity whatever, within a radius of
    one kilometre from the place of business of the said partnership for a period of two years.
    9. Without prejudice to any rights and remedies herein contained, each of the parties hereto hereby releases
    and discharges the other from all actions, proceedings, claims and demands on account of the said
    partnership.
    IN WITNESS whereof the parties hereto have set their hands in the presence of witnesses.
    Witnesses:
    1. .
    First Party
    [Name and address]
    2. .
    Second Party
    [Name and address]

    Printed From Taxmann’s Income Tax Rules on CD Page 1 of 1

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