What is a Partnership Dissolution Agreement ?
A Partnership Dissolution Agreement is a document used to dissolve a business partnership between two or more Partners. This Agreement establishes a strategy for inventorying the Partnership’s assets, settling the Partnership’s obligations and debts, and distributing any remaining Partnership assets to the Partners.
Why use a Partnership Dissolution Agreement ?
The Partners can ensure that they are no longer individually liable for the Partnership’s debts by formally dissolving the Partnership, and no Partner can bind the other Partners to any business deals without the other Partners’ knowledge or agreement.
A Dissolution Agreement is especially useful if the Partnership has been operating without a Partnership Agreement or if the existing Partnership Agreement does not provide terms and conditions for the Partnership’s termination.
The Agreement simplifies the process of ending the business relationship and allowing the Partners to move on from the Partnership by creating a clear timeline, delineating roles and responsibilities for each of the Partners, and explaining the division of Partnership assets in detail.
Format: Microsoft Word (.doc) (.docx) and Google Docs
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