Dissolution Deed
DISSOLUTION DEED
THIS DEED OF DISSOLUTION is made on the _____________ day of ________
BY AND BETWEEN :
1.
2.
Hereinafter called FIRST AND SECOND PARTNERS (which expression where the context so permits shall mean and include their heirs, executors, administrators and assigns).
WHEREAS the above named FIRST AND SECOND PARTNERS were carrying on business under the named as M/S __________________________ having their office at _________________________ in _____________________________(address) evidence from the deed of Partnership Deed dated _____________ in the Ratio of 50% each.
AND WHEREAS the firm M/s __________________________ have been carrying on the business of _______________.
AND WHEREAS the FIRST & SECOND PARTNERS hereto decided to dissolve the said firm on and with effect from _____________;
AND WHEREAS the parties hereto considered it expedient and necessary to draw a deed of dissolution of the said firm.
NOW THIS DEED WITNESSETH AND PARTIES HERETO HAVE MUTUALLY AGREED AS UNDER
That the partnership business styled as__________________. with its principal place of business at ______________________, Hyderabad was dissolved on ___________ and the firm ceased to carry on business from and with effect from _____________.
That the parties hereto have settled their accounts and nothing is due to any other.
That in case any sum is determined and be payable by the firm for the period up to the date of dissolution as aforesaid, it will be paid in equal shares by the parties aforesaid. In the same manner if any amount is receivable or payable to anybody whoever is concerned shall be received and paid in the same proportions.
That the Bank Account in the name of the Firm shall be closed with immediate effect and the amounts available shall be transferred to PARTNERS individual accounts in the same bank.
That the partnership between the FIRST and SECOND PARTNERS to the benefits of partnership shall determine and stand dissolved with effect from ______________ and the parties jointly or singly shall not carry on the business of the firm of M/s. ___________________ under the name and style of M/s ________________ for the period of five years.
That the books of account of the firm shall be closed on ___________ and the accounts shall be squared up on the said date, assets and liabilities of the firm shall be ascertained on the same date.
That the profit or loss accruing to the firm shall be shared in the ratio agreed upon between the partners to the original Deed of Partnership.
The FIRST and SECOND PARTNERS have distributed the Asset of the firm in the above manner with full satisfaction and both partners are fully satisfied and they shall share the said Asset in the above manner without any disturbance from the other partner.
IN WITNESS WHEREOF the FIRST and SECOND party hereto have signed this deed on the day and year first written above.
Witnesses:
1.__________ FIRST PARTY
2___________
SECOND PARTY
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