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

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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107 views1 page

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

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.

Uploaded by

Prabhu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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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