DEED OF RETIREMENT
This Deed of Retirement is executed the ___th day of _________ 20xx at Hyderabad by and between:
1. Mr. _____________________S/o ______________Age about ___Years, Occu: Business R/o H.No._________________.
2. MR. _________________ S/o MR. ______________Age __ Years Occ: ___________ R/o __________________.
(Hereinafter called the parties of the First and Second parts respectively and include their successors, heirs executors, administrators and assigns.
Whereas the parties hereto were carrying on business in partnership under the name and style of “M/s. _________________ ” at ______________city as evidence by the Partnership registered on date __________(old date of certificate) and carrying on the business as builders and developers.
And whereas the party of the second part has since desired to retire from the partnership business of “M/s. _________________” from the ___________ to which the party of the First have their consent on certain terms and conditions agreed upon.
1. The said party of the Second part shall retire as from the ___________________________ and the business shall be carried on by the party of the First. The party of the First part shall run the business either in their individual capacity or in partnership with any other person or persons or in any manner which ever may be feels best to their interest.
2. The retiring partner has already been paid whatever amount was due to him in full and final settlement of his capital including rights in Goodwill, rights in the firm name, furniture and fixtures and any other assets that may be found to be belonging to the partnership and the retiring partners have agreed to the said sum wherein stands to their account on the date of this Indenture.
3. The retiring partner hereby specifically states that from the date of retirement he shall have no rights whatsoever to the firm Name, Telephone, Goodwill, Assets, Stocks, tenancy rights, Lock stock and barrel of the firm as from the date of retirement.
4. If the partnership firm has any claims, damages, litigations or any other or transaction entered into up to the date of retirement, the parties hereto shall be jointly and severally liable from the same.
5. The retiring partner shall sign, execute such further documents and do such Deeds, Acts and thing as the other party shall reasonably require for completely effectuating the agreement. Further the retiring partner agrees that he will come and sign all such sale deeds and documents required to transfer of proper title to the prospective purchasers of flats at the above said red hills development property.
6. The retiring partner shall co-operate in all proceeding before the Income-tax, Sales-tax, labour department or any other government department or court of any other authority and execute such papers or documents in respect of the same.
7. The firm Income-tax shall be borne by the parties hereto in their profit sharing ratio.
8. The Individual taxes of the parties hereto shall be sole responsibility of the individual parties hereto for the payments etc, and the partnership firm shall not be responsible for the same
IN WITNESS WHEREOF THE ABOVE SAID PARTIES HAVE SIGNED THE DEED DISSOLUTION OF THE DAY, MONTH AND THE YEAR FIRST ABOVE MENTIONED ON THEIR OWN FREE WILL AND CONSENT IN THE PRESENCE OF THE WITNESSES.
In the presence of
SINGED, SEALED AND DELIVERED BY: