DEED OF DISSOLUTION WITH SALE OF PARTIAL PARTNERSHIP INTEREST TO OTHER PARTNER
..........................and ....................... are partners in ...........[Firm Name], a partnership firm, and ............................... and ......................................desire to dissolve their partnership and wind up its affairs. ............................desire to receive a greater share of the goodwill and customer accounts and lists of the partnership than his [her] present interest entitles him to, and also desires to receive a share of the office furniture which was contributed by ................. ................................... desires to purchase the excess portion from ............................... and use it as a part of his [her] contribution to a partnership in which he [she] intends to become a partner and ...................... intends to sell the remainder of his [her] share of goodwill and office furniture to the partnership in which ..................................... intends to become a partner.
IT IS AGREED by and between the parties as follows:
The value of the customer accounts and lists of………………… [Firm Name] and its goodwill represented is the sum of Rs……………........... is entitled to……………. percent of the goodwill and .............................. is entitled to………………. percent.…………………. [Firm Name] shall be dissolved and shall be immediately wound up.
Upon winding up, all of the net assets of the firm shall be split between the parties according to their respective interests except that the customer accounts and lists representing goodwill shall be treated as follows:
............................. sells to .................................. a portion of the goodwill .............................................. is entitled to on dissolution equal to…………….percent of the entire goodwill of the partnership.
........................................................................... shall pay ....................................... for that portion of B’s goodwill the sum of Rs……………..
.................................... shall pay the sum of Rs……………. in installments of Rs…………… per year, the first installment to be paid on………….., 20……………., and a like payment shall be made on…………….. of each year until the entire sum of Rs………… with interest at………….. percent per year has been paid.
It is understood and agreed that the payments shall be due regardless of the portion of the business of………….. [Firm Name] which is retained by ................................ or any firm in which ........................... is or becomes a partner, owner or shareholder.
IN WITNESS, etc.
SIGNATURES
