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Dissolution Deed (Partnership)
All about Dissolution
Deed (Partnership)
When jural relation between all the
partners is snapped, this constitutes dissolution of the firm. In other words, when relationship between the partners is dissolved due to any reason may be death, dispute etc., the partnership comes to an end in the form of dissolution. Dissolution of a firm may take
place without the intervention
of the court or with the intervention of the Court.
Dissolution without the intervention
of the Court may take place:
- by agreement between the parties,
- by the adjudication as insolvent of all the partners or of all the partners but one.
- by the business of the firm becoming unlawful,
- subject to agreement between the partners:
- by the expiry of the term fixed,
- by the death of a partner,
- by the insolvency of a partner,
- by notice in writing in case of partnership at will
Dissolution with the intervention of
the Court
may be made on any of the grounds contained in Section 44 of the Partnership
Act.
Execution
and Attestation
A deed of dissolution of
partnership, must be executed and attested as a bond on a non-judicial stamp
paper of proper value, as its registration is not compulsory; but where a deed
of dissolution of a firm involves transfer of immovable property worth Rs. 100
or upwards, the deed needs to be registered.
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