Model deed of reconstitution of partnership
B.Ramulu
(Querist) 18 March 2016
This query is : Resolved
sir
some of immovable property has been purchased by the partners on the name of firm. one partner is retiring from partnership firm and for his share he is getting away immovable property which was registered on the name of firm and the remaining partners are continuing the existing business.
my request is model deed of reconstitution of partnership deed
rajagopal.s
(Expert) 18 March 2016
Hi
Please find enclosed A SAMPLE reconstitution deed.
you should change it to suit your business.
also you need to get it registered.
RETIREMENT DEED
M/S JAI GANGA RICE MILLS, SONEPAT
This deed of Retirement is made on this day of 18th August 2009 at Sonepat amongst :
1. Sh. Rajesh Kumar S/o Sh. Raj Kumar, about 40 years of age, a resident of Sonepat, here in after called the party of 1st Part.
2. Sh. Sunil Kumar S/o Sh. Sat Pal, about 45 years of age, a resident of Sonepat, here in after called the party of 2nd part.
3. Sh. Sumant Gupta S/o Sh. Wazir Chand Gupta, about 50 years of age, a resident of Sonepat, here in after called the party of 3rd part.
Whereas the said parties have been carrying on the business under the name of “M/S JAI GANGA RICE MILLS, SONEPAT” in the terms of partnership deed dated 23rd Dec. 2005.
And whereas the party of 3rd part ( i.e. Sh.Sumant Gupta) has agreed to retire from the said partnership firm w.e.f. 18 August, 2009 and parties of 1st & 2nd parts have agreed to continue the business on the terms & conditions mentioned hereinafter.
NOW THIS DEED OF RETIREMENT WITNESSES AS UNDER :
1. That parties of 3rd part (i.e. Sh Sumant Gupta ) shall retire from the firm w.e.f. 18-08-2009.
2. That an account has been taken of the State of Affairs of firm as on 18-08-2009, which has been mutually
settled & now there is no dispute regarding accounts of the firm.
3. That balance standing to the credit of the retiring partner (i.e. Sh. Sumant Gupta) shall be discharged by the continuing partner in due course of time.
4. That the continuing parties of 1st & 2nd parts (Sh. Rajesh Kumar & Sh. Sunil Kumar) have taken over the
partnership business on the basis of Balance Sheet prepared as on 18-08-2009 and henceforth all the
assets & Liabilities of partnership firm shall belong to the said continuing parties of 1st & 2nd parts.
5. That the retiring party of 3rd part (i.e. Sh. Sumant Gupta) shall have no right upon the future Profits of the firm.
Cont. Page-2-
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M/S JAI GANGA RICE MILLS, SONEPAT
6. That the continuing parties of 1st & 2nd parts ( Sh. Rajesh Kumar & Sunil Kumar )shall be entitled to carry on the business in the name of the firm but the retiring party of (3rd part) shall not be entitled to carry on the business in the name of this firm.
7. That the continuing parties of 1st & 2nd parts shall enjoy the exclusive rights towards Goodwill, Licences, Land, Building, Sheller & other assets of the firm and will be at liberty to take in any person or persons as partner in the firm in future.
8. That the retiring partner of (3rd part) shall be liable for all taxes & penalties and entitled to Refunds up to 18-08-2009 in their profit sharing ratio.
9. That continuing parties (1st & 2nd part) shall be responsible to get complete all kinds of pending cases.
10. In case any dispute between the parties, the same shall be referred to Arbitration.
11. That the parties of (1st , 2nd & 3rd part) to this agreement shall sign, execute and do all such further documents, deeds acts & things as the other party may reasonable require for completely affectuating this Agreement, In case retiring party of 3rd part (i.e. Sumant Gupta) do any such act or thing by which the continuing part of 1st & 2nd parts (i.e. Rajesh Kumar & Sunil Kumar) suffer any loss, he (Sumant Kumar) will be liable to compensate the continuing parties of 1st and 2nd part.
In witness whereof, the parties hereto have set forth their signatures on this day 18th August, 2009
in the presence of following witnesses :
RETIRING PARTIES : CONTINUING PARTIES :
1 __________________ 1 ____________________
Sumant Kumar Rajesh Kumar
2. ______________________
Sunil Kumar
WITNESSES :
I _____________________
______________________
II ______________________
______________________
Rajendra K Goyal
(Expert) 18 March 2016
Model deed / sample deed / drafts are not provided.
