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HOW IT WORKS
How it works
When it's time to end a partnership, use a Partnership Dissolution Agreement to avoid misunderstandings, settle your business' existing obligations, and create a plan to distribute the partnership's assets among the partners.
A Partnership Dissolution Agreement is an agreement between two or more partners to end a business partnership. Signing a Partnership Dissolution Agreement will not immediately end the partnership. The partnership will continue until the business has gone through the process of settling the business' debts, terminating the legal existence of the business, and distributing the remaining assets of the company. This agreement can be especially helpful if your partnership didn't have an original Partnership Agreement, or if the Partnership Agreement didn't provide terms for ending the partnership. By setting out clear timelines, responsibilities, and roles for each partner, this Partnership Dissolution Agreement makes it easier to end a business relationship and move on to whatever's next.
Other names for this document: Termination of Partnership, Cancellation of Partnership Agreement
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