Retirement cum reconstitution deed

This query is : Resolved

Share Report Follow Query Ask a Query

Ranganathan

Ranganathan (Querist)
Follow

28 September 2016 Can anyone please share the Retirement cum Reconstitution Deed format........!

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
Follow

21 July 2025 Here is a sample format of a Retirement cum Reconstitution Deed for a partnership firm. This document is typically used when one or more partners retire and the partnership continues with reconstituted partners.

📝 Retirement cum Reconstitution Deed
THIS DEED OF RETIREMENT AND RECONSTITUTION OF PARTNERSHIP is made and executed on this ___ day of _______ 20__ at __________.

BY AND BETWEEN

[Name of Retiring Partner], aged about ___ years, residing at _______________________, hereinafter referred to as the "Retiring Partner" (which term shall, unless repugnant to the context, mean and include his/her heirs, executors, administrators and assigns)

AND

[Name of Continuing Partner 1], aged about ___ years, residing at _______________________

[Name of Continuing Partner 2], aged about ___ years, residing at _______________________

… (include all continuing/new partners)

hereinafter collectively referred to as the "Continuing Partners".

WHEREAS:
The parties hereto were carrying on business under a partnership firm in the name and style of [Firm Name], having its principal place of business at ____________________, under a partnership deed dated ___________.

The Retiring Partner has expressed the desire to retire from the partnership firm and the Continuing Partners have agreed to the same.

The Continuing Partners have also decided to reconstitute the firm and continue the business in the same name.

NOW THIS DEED WITNESSETH AS UNDER:
Retirement:
The Retiring Partner, with effect from [Effective Date], retires from the said partnership firm. The Continuing Partners hereby accept such retirement.

Settlement of Accounts:
The Retiring Partner has been paid a sum of ₹________ (Rupees ______________ only) in full and final settlement of his/her share in the capital, goodwill, assets, liabilities, and all other rights and obligations in the firm. The Retiring Partner acknowledges receipt of the same and has no further claims.

Reconstitution:
With effect from the same date, the Continuing Partners shall continue the partnership business in the same firm name and under the terms and conditions as may be mutually agreed upon in a separate partnership deed.

Liabilities:
The Continuing Partners shall be solely responsible for all present and future liabilities of the firm and indemnify the Retiring Partner against any claims, liabilities, or obligations related to the firm after the retirement date.

Intimation:
The firm shall notify the Registrar of Firms and other authorities, banks, vendors, clients, etc., about the retirement and reconstitution as required by law.

Goodwill:
The Retiring Partner relinquishes all rights, title, or interest in the goodwill and the name of the firm.

IN WITNESS WHEREOF, the parties hereto have set and subscribed their respective hands to this deed on the day, month, and year first above written.
Signed and Delivered by:

[Retiring Partner’s Name]
(Signature)

[Continuing Partner 1’s Name]
(Signature)

[Continuing Partner 2’s Name]
(Signature)

(…Include all continuing partners)

Witnesses:

Name & Signature

Name & Signature

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now