DEED OF PARTIAL PARTITION DIVIDING THE JOINT FAMILY BUSINESS ONLY WHILE OTHER PROPERTIES REMAINING JOINT.
THIS DEED OF PARTIAL PARTITION is made on the ……….. day of ………………, BETWEEN AK, S/0 PG R/o ………………………. (hereinafter called “the first party”) of the first part, AG, s/o PG R/o …………………………..(hereinafter called “the second party” of the second part AND PK s/o PG, R/o ………………. (hereinafter called “the third party “) of the third party.
WHEREAS the aforesaid three brothers constituted a Hindu undivided family and the said Hindu undivided family besides owning immovable properties carried on the business of General Stone Supplying CO. in the city of ……………
AND WHEREAS the said members of the said Hindu family desire to divide the aforesaid joint business of he joint family Stone Supplying Co. for smoothly and profitably running the business on partnership basis while keeping the other property of the said family joint and intact.
NOW THIS DEED WITNESSES as follows:
That all other properties of the Hindu undivided family of which the parties are constituents will remain intact and joint of the Hindu undivided family as no partition has been affected of it. Only the business of the family known as Stone Supplying Co. is partitioned.
That the interest of the interest of the Hindu undivided family in the said firm of Stone Supplying Co. has been determined at Rs……………….. which is called capital of the said joint family firm according to balance sheet appended with this deed.
That the said capital or Rs ………….. is now apportioned in equal shares amongst the parties hereto and accordingly Rs. ………… each has been credited in the personal accounts of each party in each has been credited in the personal accounts of each party in the books of the firm so that each party holds the said amount of Rs. …………. in severalty.
That all the property of the said family firm of stone Supplying Co. has now been transferred to each party in equal shares severally.
That the parties aforesaid covenant with each other to discharge severally all the liabilities and claims against the family business of Stone Supplying Co.
That from this date the said family business of Stone Supplying Co. ceased to exist as joint family business.
That the value of two equal shares amounts to Rs. …………… on which duty is paid.
IN WITNESS WHEREOF the said parties have set their hands to this deed on the day and year first above mentioned.
Witnesses:
1……………. (Sd/-_________________
(First Party)
2_______________ (Sd/-_________________
(Second Party)