Partnership Dissolution Agreement (for general partnerships)
$0.99
This partnership dissolution agreement specifies when the partnership would be dissolved, who would be responsible for handling the dissolution, and how assets and liabilities would be distributed.
Available in MS Word. 4 pages.
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Description
When business partners agree to end their partnership, it is important to have a partnership dissolution agreement to outline the terms of the partnership dissolution. The partnership dissolution agreement serves to, for example, specify the date of the termination of the partnership, name a liquidating partner to handle the dissolution, and provide for how assets and liabilities of the partnership will be distributed.
Contents
1. Dissolution Date
2. Liquidating Partner
3. Power of Attorney to Liquidating Partner
4. Custodian of Partnership Books
5. Indemnification
6. Distribution
7. Release
8. Further Assurances
9. Arbitration
10. Controlling Law
11. Successors and Assigns
12. Counterparts
How to Use
(1) Fill in the blanks.
(2) Remove the yellow highlighted brackets.
(3) Review the agreement carefully to make sure that it conforms to the agreement of the parties.
(4) Sign and date the agreement.
FAQs
What is a liquidating partner?
The liquidating partner is one of the partners in the partnership who is designated to have responsibility for closing down the partnership, including handling things like collecting outstanding debt, selling remaining inventory, preparing tax and state filings, notifying suppliers and customers, and distributing the remaining assets and liabilities among the partners.
Can the liquidating partner be compensated?
Yes, the liquidating partner can be compensated for services rendered in winding up the business of the partnership.
What happens if the partnership does not have enough money to pay its creditors?
If there are any debts to outside creditors that remain unpaid, the partners must pay them from their own funds.
