Partnership firm compensations

Querist : Anonymous (Querist) 16 March 2011 This query is : Resolved
I and my friend started a construction company and run the business as a partnership firm since 2003 so far successfully. we are having two offices both are on rental( one office fully furnished and let it for rent and another office is used by us)The present company shows a annual turnover of 2.0 crores every year and centering materials worth of 4.0lakhs and also profit of 50 lakhs in hand.
we both decided to part as friends from april 2011.

we are planning to separate the company in the following manner
Partner I
will get 25 lakhs cash+Goodwill of the present company and present office+last year tax benefits.
Partner II
will get 25 lakhs cash + Fully furnished office+Centering Materials.

Necessary documentation of revoking the partner and making the company into proprietary ship

can you suggest is there any lacking in
this type of settlement. kindly let me know at the earliest.
Thanks and regards
D.Ravindrran B.E,MIE,FIV.

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Devajyoti Barman (Expert) 16 March 2011
Make a detailed Deed of Dissolution of Partnership containing these terms and conditions. Do not fail to include your agreement on the future use of the Trade Name of the Firm in clear terms.