I have a shop in partnership. Now our partnership will dead in next month. Partner will gives some money to me & he get this shop. But he will gives money within four month. But my money is how secure? Affidavit is sufficent or more solution
1 Answer from Attorneys
Since this is a Partnership Firm, an agreement for dissolution of firm has to be executed by the partners, wherein, the provisions regards devolution of assets among the partners, use of goodwill of the firm, future liability, non-compete options etc. should be made. This is the official way of dissolving a partnership firm under the Partnership Act.
Now, since immovable property is involved herein, such Deed of Dissolution of Partnership Firm should be registered with the Registrars of Firm and Sub-Registrars Office.
This is the best mode by which you can dissolve the partnership and also secure your receivables completely. There will be no escape.
Should you require help drafting such Dissolution Deed, then I can certainly help you. You may contact me on my email address or through my website.
Vivek N Mapara
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