DEED OF DISSOLUTION BETWEEN TWO PARTNERS with power given to the constituted ?attorney to wind up the business.
This Deed of Dissolution is made on _____ day of _____ month Between________ , son of_______, resident of_______, aged ____ years, Hereinafter to be called as THE FIRST PARTY and ________, son of _______, resident of _______,aged ____ years, Hereinafter to be called as THE SECOND PARTY .
WHEREAS the parties made a partnership deed among them dated on _____ and carrying on the business in the name and style of ___________, which is at ___________, on the terms and conditions under the partnership deed executed on_______.
WHEREAS the parties to the agreement mutually agreed to dissolve the partnership firm on______ day of ______ and sell the assets of the firm including the capital contributed by each of them and net profit after paying all the debts and liabilities shall be divided among them in the proportion mentioned in the said partnership deed.
And WHEREAS the parties agrees to appoint ___________, son of _______, resident of ________, aged_____ years, Hereinafter to be called as THE ATTORNEY as our express and authorised attorney or agent to all the acts and things hereunder mentioned and which he has agreed to do without being required to approach every time for the consent or signatures of the parties.
NOW THIS DEED WITNESSES that in pursuance of the said agreement it is hereby declared and agreed by and between the parties hereto as follows, that is to say :—
- The partnership firm has its registered office at ________with registered no._________, shall be determined and stand as dissolved from_______ day of ________.
- A general book of Accounts and a Balance Sheet shall be taken out by the Attorney himself showing the net value of assets and all the debts and liabilities of the said firm till the date of dissolution and shall be signed by him.
- He shall settle accounts, reckoning matters and things whatsoever relating thereto and to compound or release all or any of the debts or claims belonging to the partnership.
- He shall collect all the assets and properties of the partnership and to ask, demand, sue for and recover and receive and sign to give discharge to all the debts, estate or effects or other money due or owing or in wise belonging to the said partnership.
- He shall divide the net profit after deducting the debts and liabilities of the firm and his commission between the parties in their profit sharing ratio in the said partnership deed.
- He shall appear before any Court, Judge, Government or other officer or authority and to represent the firm in connection with any matter concerning the firm after the dissolution.
- After dissolution, he shall get the firm’s name be struck off by the Registrar from the Register of Companies and he shall also make sure that this fact gets published in the Official Gazette.
And the parties agree to ratify all such lawful acts deeds and things done and executed by the said attorney pursuant to these presents as well as partners of the said Firm.
IN WITNESS WHEREOF the parties to this deed have set and subscribed their respective hands and seals on the day, month and year first above written.
SIGNED SEALED AND DELIVERED in the presence of
(Signature of all the Parties)
WITNESSES
- _________________
- _________________
