A "Deed of Gift of Goodwill of Business and Trademarks" is a legal document where a father transfers the goodwill of his business, including associated trademarks, to his two sons who are partners in the business. This deed formalizes the transfer of intangible assets that are vital to the business’s value and reputation.
Key Elements of the Deed:
Parties Involved: The deed identifies the father as the donor and his two sons as the recipients. It specifies the relationship of the sons as business partners.
Description of the Goodwill and Trademarks: The deed outlines what constitutes the goodwill being transferred, including customer relationships, brand reputation, and any associated trademarks. It provides a detailed description of the trademarks and their registration details.
Transfer of Goodwill: It states that the father is gifting the business goodwill and trademarks to his sons. This transfer includes all associated rights, benefits, and responsibilities.
Acceptance by the Sons: The document must confirm that the sons accept the gift and acknowledge the value and importance of the goodwill and trademarks in their business operations.
Execution and Witnesses: The deed requires signatures from the father and his sons, and may need to be witnessed or notarized depending on local legal requirements.
Legal and Tax Implications: The deed should address any legal and tax implications associated with the transfer of goodwill and trademarks. This includes potential tax liabilities and compliance with intellectual property laws.
This deed ensures a clear and formal transfer of the intangible assets critical to the business’s success, while also documenting the father’s intention and the sons’ acceptance.
DEED OF GIFT OF GOODWILL OF BUSINESS, TRADE MARKS BY A FATHER TO TWO SONS IN PARTNERSHIP
THIS DEED of gift is made the……………..day of……………..20…………….. between A Son of B resident of……………..(hereinafter called "the Donor") of the ONE PART and C son of A and D son of A, resident of……………..(hereinafter
called "the donees") of the OTHER PART.
WHEREAS
(1) The donor is carrying on the business of ……………..at ……………..under the name and style of M/s ……………..(hereinafter called "the Donor's business") and in connection therewith is the registered proprietor of the Trade Marks, the particulars of which are set out in the First Schedule hereunder written.
(2) The donor is the inventor and patentee of the invention described in the Second Schedule hereunder written in respect of which the donor has been granted patent for the entire country by the office of Controller of Patents, New Delhi on ………under No ……………..of……………..
(3) The donees are carrying on the business of (hereinafter called "the partnership business") at in partnership under the name and style of M/s . ......................
(4) At the request of the donees, the donor has agreed to assign the goodwill of his business and the said trade marks to the donees and grant to them the licence hereinafter contained
NOW THIS DEED WITNESSETH AS FOLLOWS:
(1)In consideration of his natural love and affection for the donees the donor hereby transfers, assigns and conveys unto the donees all that the goodwill of the donor in his business and the Trade Marks specified in the First Schedule hereunder written and all rights and privileges incidental thereto to hold the same unto the donees absolutely as joint tenants as the property of the partnership business.
(2) The donor, for the aforesaid consideration, hereby grants to the donees the licence to make use, exercise and the invention in all parts of the country during the remaining period of said licenced patent and any renewal of the said licence for a further term or terms, if the donee or their successors, heirs, administrators or representatives shall so long continue to carry on the partnership business, the donees shall be entitled to all the rights and privileges incidental to the licence granted for the said patent including to take in the name of the donor all necessary legal proceedings for effectually protecting or defending the same from infringement
(3)The estimated value of the property is Rs . ................
IN WITNESS WHEREOF, the parties have set their hands to this deed on the day and year first above written.
The First Schedule referred to
(Particulars of the Trade Marks)
The Second Schedule referred to(Particulars of patent).
WITNESSES
1 Signed and delivered by the within named donor A
2. Signed and delivered by the within named donees C and D
If you wish to write articles , you can Submit Articles
at
To know Process to Write Articles at Taxgen.in
TEAM
Note - The information contained in this website is for general information purposes only. The information is provided by Taxgen.in and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website. Every effort is made to keep the website up and running smoothly. However, Taxgen.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Comments