PARTNERSHIP DISSOLUTION DEED
THIS DEED OF DISSOLUTION is made on this _________ day of ____________,
BY AND BETWEEN:
(1) Sh./Smt. ___________ aged about _______ years, son/daughter/wife of Shri ___________,
residing at _____________________________ (hereinafter called the â€žFirst Partyâ€Ÿ);
(2) Sh./Smt. ___________ aged about _______ years, son/daughter/wife of Shri ___________,
residing at _____________________________ (hereinafter called the â€žSecond Partyâ€Ÿ);
(3) Sh./Smt. ___________ aged about _______ years, son/daughter/wife of Shri ___________,
residing at _____________________________ (hereinafter called the â€žThird Partyâ€Ÿ);
WHEREAS the parties hereto (hereinafter collectively referred to as â€žPartnersâ€Ÿ) have entered into
a partnership with one another (hereinafter referred to as the "Partnership") pursuant to a Deed of
Partnership dated ____________________ (the â€œPartnership Deedâ€);
WHEREAS the Partners have been carrying on the following business ___________________
under the name _________________ and upon the terms and conditions as contained in the
AND WHEREAS the Partners do not desire to continue the said Partnership for diverse reasons
and the Partners hereby have agreed to dissolve the said Partnership;
AND WHEREAS this Deed is entered into by the Partners to provide for the liquidation and
orderly winding up of the business of the Partnership.
NOW THIS DEED WITNESSETH and it is hereby agreed by and between the Partners hereto as
1. The Partners hereby agree to dissolve the Partnership with effect from _____________.
(the "Dissolution Date") The Partnership will be wound up and liquidated as of and following the
Dissolution Date and no business or contracts shall be entered into nor any Partner shall cause to
act on behalf of or bind the Partnership nor represent in an official capacity nor do any act which
may require continuation of the Partnership or any continuance of liability..
Partnership Dissolution Deed 1
2. _____________________ shall be appointed as the â€žLiquidating Partnerâ€Ÿ and is vested
with the exclusive right to liquidate and wind up the Partnership.
3. The said Liquidating Partner shall conduct an orderly liquation and winding up of the
Partnership in accordance with this Deed and as per the applicable laws. The Liquidating Partner
shall take necessary and desirable steps as may be required to liquidate and wind up the
Partnership and shall have the authority and full power to sell and transfer the Partnership assets,
engage professional services, sign and submit tax matters, compromise claims or receivables,
execute and record statement of dissolution of Partnership, pay and settle debts and distribute
Partnership assets to the respective Partners. The Liquidating Partner shall keep the remaining
Partners informed of the status of the dissolution until the Dissolution Date.
4. The Liquidating Partner shall establish a separate banking account for the purpose of
winding up of the Partnership, and shall close the books and records of the Partnership, and shall
then open new books and records for purpose of recording the liquidation. The Liquidating
Partner shall render a summary report of activities every month to all Partners.
5. The Liquidating Partner shall receive an amount of Rs. ___________ as consideration for
the services rendered by him as a Liquidating Partner. This amount shall be treated as an expense
for winding up of the Partnership and it shall not be charged as a withdrawal against the capital