Partnership Dissolution Deed

DEED OF DISSOLUTION OF PARTNERSHIP This DEED OF DISSOLUTION is executed on [execution_date] among the following partners: [partner_details] WHEREAS the parties carried on business in partnership under the name and style of "[firm_name]" at [firm_address], pursuant to a Partnership Deed dated [original_deed_date]; AND WHEREAS the parties have mutually agreed to dissolve the said partnership; NOW THIS DEED WITNESSETH AS FOLLOWS: 1. DISSOLUTION The partnership constituted under the said Partnership Deed stands dissolved with effect from [dissolution_date] (the "Dissolution Date"), by mutual consent of all partners under Section 40 of the Indian Partnership Act, 1932. 2. CESSATION OF BUSINESS With effect from the Dissolution Date, no partner shall carry on any business in the name of the firm, nor represent themselves as a partner of it, nor incur any liability on its behalf. 3. SETTLEMENT OF ACCOUNTS 3.1 The accounts of the firm have been made up to the Dissolution Date and have been examined and accepted by all partners as true and correct. 3.2 The assets of the firm have been applied in the order prescribed by Section 48 of the Act: first in payment of the firm's debts to third parties, then in repayment of advances made by partners, then in repayment of capital, and the surplus divided among the partners in their profit-sharing ratio. 4. DISTRIBUTION OF ASSETS [asset_distribution] 5. LIABILITIES [liability_settlement] Each partner shall indemnify the others against any liability of the firm attributable to that partner's own acts. 6. CONTINUING BUSINESS [continuing_business] 7. PUBLIC NOTICE The partners shall give public notice of the dissolution as required by Section 45 of the Indian Partnership Act, 1932. Until such notice is given, the partners may remain liable to third parties for acts done in the firm's name. 8. RECORDS AND FILINGS The partners shall jointly notify the Registrar of Firms, the bank, the GST authorities, the Income-tax authorities and all other concerned authorities of the dissolution, and shall close the firm's bank accounts and registrations. 9. MUTUAL RELEASE Save as expressly provided in this Deed, each partner releases and discharges the others from all claims and demands arising out of the partnership. 10. GOVERNING LAW This Deed is governed by the laws of India. IN WITNESS WHEREOF the partners have executed this Deed on the date first written above. PARTNERS [partner_details] WITNESSES 1. Name: ______________________ Signature: ______________ 2. Name: ______________________ Signature: ______________