06 July 2024
Certainly! Here is a basic format for a Dissolution Deed of a Partnership Firm in case of the death of a partner. Please note that partnership dissolution documents should ideally be drafted or reviewed by a legal professional to ensure compliance with local laws and specific partnership agreements.
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**Dissolution Deed of Partnership Firm**
This Deed of Dissolution is made on [Date], at [Place], between:
**1. Surviving Partners:** - [Name of Surviving Partner 1], residing at [Address] - [Name of Surviving Partner 2], residing at [Address]
**2. Legal Heirs of the Deceased Partner:** - [Name of Legal Heir 1], [Relationship with Deceased Partner], residing at [Address] - [Name of Legal Heir 2], [Relationship with Deceased Partner], residing at [Address]
**Whereas:** 1. [Name of Deceased Partner], hereinafter referred to as the "Deceased Partner," was a partner in the partnership firm known as [Name of Partnership Firm].
2. The Deceased Partner passed away on [Date of Death], leaving behind legal heirs as mentioned above.
3. The surviving partners and the legal heirs of the deceased partner have agreed to dissolve the partnership firm due to the death of the Deceased Partner.
**Now Therefore, it is mutually agreed as follows:**
1. The partnership firm known as [Name of Partnership Firm] stands dissolved with effect from the date of death of the Deceased Partner, [Date of Death].
2. All assets, liabilities, rights, and obligations of the partnership firm shall be settled and disposed of in accordance with the terms and conditions of this dissolution deed.
3. The surviving partners and the legal heirs of the deceased partner shall cooperate in settling the affairs of the partnership firm, including but not limited to, realization of assets, payment of liabilities, and distribution of remaining assets after settlement of all obligations.
4. Each party herein agrees to release, indemnify, and hold harmless the others from any and all claims, demands, actions, suits, and liabilities arising out of or related to the partnership or its dissolution.
5. This dissolution deed shall be binding upon the parties and their respective heirs, executors, administrators, successors, and assigns.
**In Witness Whereof, the parties hereto have set their hands on the day and year first above written.**
**Signed and delivered by:**
For Surviving Partners:
1. ________________________________ (Signature) [Name of Surviving Partner 1]
2. ________________________________ (Signature) [Name of Surviving Partner 2]
For Legal Heirs of the Deceased Partner:
1. ________________________________ (Signature) [Name of Legal Heir 1]
2. ________________________________ (Signature) [Name of Legal Heir 2]
**Witness:**
1. ________________________________ (Signature) [Name of Witness 1]
2. ________________________________ (Signature) [Name of Witness 2]
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**Note:** This format is a general template and may need adjustments based on specific legal requirements, agreements among partners, and local regulations. It is advisable to consult with a legal professional to customize the dissolution deed according to your specific circumstances.
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