This Deed of DISSOLUTION is executed at _____ on this _____ between:-
1- _____ son of _____ R/o _____ (hereinafter referred to as the First Party/First Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees) of the one part
2- _____ son of _____ R/o _____ (hereinafter referred to as the Second Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees) of the Other Part.
Whereas the parties referred hereinabove have been carrying on business of _____ in the name and style of _____, Shop _____ under a deed of partnership dated _____ and whereas the party of the second is desirous of leaving the partnership and parties have agreed to dissolve the said partnership.
NOW THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES THAT:
1- The partnership of in the name and style of _____ mentioned above shall stand dissolved. Now the _____ remaining partner will carry on the business in the same name as a proprietor of the firm. Thereafter the said _____ will be solely responsible for all assets and liabilities of in the name and style of _____, Shop consisting portion of _____ from today.
2- That from today the said _____ will be at a liberty to carry on business of any nature in the name of _____ in the said shop or any other business in any other name as required by the remaining partner.
3- The retiring partner shall cease to have any interest in or connection with the business of the firm with effect from _____ In full consideration of their relinquishing all rights, claim and interest in the business and assets of in the name and style of _____, the retiring partner has been paid mutually a handsome amount of _____/- through the _____, _____ by the continuing partner who will be the proprietor from today as the full and final payment of the assets and liabilities. That I will be responsible for all the liabilities of any nature like the complaint under Section _____ of the Negotiable Instruments Act from the prior date of today.
4- The continuing partner shall be at liberty to continue the business in the name of _____ either as its sole proprietor or in the partnership with others.
5- That after today the continuing partner shall be liable to the all profits, losses, debts and liability with regards to the business of the said _____.
6- That the tenancy of _____ in shop consisting portion of _____ will be with _____ the remaining partner now as proprietor of _____. The party of the first part will have no claim over the tenancy of the shop consisting portion of _____
7- Without prejudice to any rights and remedies, herein contained, each of the partners hereto hereby releases and discharges the other from all actions, proceedings, claims and demands on account of the said partnership.
In witness whereof the parties hereto have set their hands in the presence of witnesses.