Deed of Dissolution of Partnership

Dissolution of a partnership deed is a legal document where the partners of the business decide to terminate partnership between them.

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Dissolution of a partnership deed is a legal document where the partners of the business decision to terminate partnership between them. It defines the terms under which the partners agreed to dissolve and wind-up the partnership. It also outlines the steps for the process of dissolution of the partnership. It is the process where the relationship between the partners of the firm is terminated or dissolved. When the relationship between all the partners is dissolved, then it is called a dissolution of the firm.

After the process of dissolution of partnership firm, the relationship between the existing partner's changes. However, the firm continues its business and activities. The dissolution of partnership takes place for the following means:

  • Admission of the new partner
  • Change in the profit sharing ratio
  • Retirement of the partner
  • Death of the partner
  • Insolvency of a partner

Content of Deed of Dissolution of Partnership -

  • The date when the partnership will stop trading and dissolve
  • The process of winding up the firm
  • After the dissolution, what the partners can do until the process of winding up
  • The realization of the assets of the firm, termination of contract and other arrangements and the procedure to return the documents
  • The discharge of the liabilities of the partnership firm
  • The approval of the partnership's final set of accounts
  • The distribution of any partnership monies after discharging the liabilities
  • The notification of the dissolution

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