PARTNERSHIP DEED TO NEW PROPRIETORSHIP

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2010 Respected, We have a partnership hospital with 5 partners. Now we want dissolve the firm and sale it to some other person. He agree to take over full hospital. So please advise how can we settle all the formalties. Should i have to dissolved tha partnership or we have to make a MOU between them. If MOU make what is the language of that or how is the procedure of MOU.
Please provide that on urgent basis.
Hospital has liability as well as fixed assets. and running from 5 years.

Rasesh

Rasesh (Expert)
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11 April 2010 Execute an MOU between the partnership firm and the buyer for sale of the business as a going concern. In this MOU, the partnership would transfer the entire business on slump sale basis. the partnership may later on be dissolved on the basis of agreement between the partners.

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2010 Thanks Mr. Rasesh,
Could you provide the language of MOU. They decide to sale that one 1.4cr, but second party pay the 0.80 lakh with in two month and balance with in two year. Second party want to use the name and entire machinery and second party want that any he can move any machinery at other place also.

If you provide i will be very thank ful to you.

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Rasesh

Rasesh (Expert)
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11 April 2010 The MOU would be a long legal document that has to provide in first place the facts like the partnership deed' details, buyer's details, assets and liabilities to be transferred, etc. Likewise the rights of the buyer as you have stated above also have to be stated.

The MOU has to be more in the nature of agreement for slump sale. I don't have an format to share. But your lawyers would be able to draft it for you.