DEED OF DISSOLUTION OF PARTNERSHIP ON RETIREMENT OF ONE PARTNER

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(Continuing Party) and ___________ son of _______, resident of ________, aged _______ years, Hereinafter to be called as THE SECOND PARTY(Retiring Party) and _______, son of _________  resident of ________, aged ______Years, Hereinafter to be called as THE THIRD PARTY(Continuing 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_________.

AND WHEREAS the Retiring Partner has given notice to the Continuing Partners of his desire to retire from the said partnership as from the_______day of ________.

WHEREAS the parties to the agreement mutually agreed to dissolve the partnership on________day of __________.

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 :—

1. The partnership firm has its registered office at _______ with registered no.________, shall be determined and stand as dissolved from________ day of _______
2. The retiring partner shall retire from the the partnership firm from the said date and other partners shall continue the said partnership with modification from ______ day of________.
3. A general book of accounts and a balance sheet shall be taken out by all the partners showing the net value of assets of the firm and all the debts and liabilities and shall be signed by the parties and  accordingly share of the retiring partner shall be given after deducting all the debts and liabilities of the firm till the date of dissolution of the said partnership in the profit sharing ratio.
4. The retiring partner shall hereby releases to the continuing partners in equal ratio all his shares, interest ,title, property and cash in hand and other belonging to the partnership firm .
5. The retiring partner shall not carry the same type of business in the same city directly or indirectly from day________ of _________.
6. The retiring partner agrees that after his retirement and all the profits given to him till the date of retirement, he has no claim in further profits of the continuing partners.

7. The continuing partners shall indemnify the delay of any financial entitlements to the retiring partner.
8. The retiring partner shall be liable with the continuing parties in the same proportion agreed in the partnership deed for any act of any of the partner done before the date of his retirement until any public notice is given.

 

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)