A Deed of Partnership Dissolution is a document used by two or more Partners who are in a business Partnership together to end the Partnership. This Agreement creates a plan for completing an inventory of the Partnerships holdings, settling the Partnership's obligations and debts, and distributing any remaining Partnership assets to the Partners.
By formally dissolving the Partnership, the Partners can ensure that they are no longer individually liable for the Partnership's debts and no Partner can bind the other Partners to any business deals without the other Partners' knowledge or agreement. A Deed of Partnership Dissolution can be particularly useful if the Partnership has been operating without a Partnership Agreement or if the existing Partnership Agreement did not provide terms and conditions for ending 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, the Deed of Partnership Dissolution simplifies the process of ending the business relationship and allows the Partners to move on from the Partnership.
How to use this document
A Deed of Partnership Dissolution is created as the first step in dissolving a Partnership to create a timeline and concrete plan for the winding down of the Partnership. The Deed covers the following matters:
Once the Deed of Partnership Dissolution has been completed, all of the Partners should sign and date the Deed, keeping copies for their own records.
The signing of the Deed of Partnership Dissolution does not automatically end the Partnership. The Partnership will continue operation until the business has finished the process of settling debts, terminating the legal existence of the business, and distributing the remaining assets of the Partnership as described by the Deed. Once all of the necessary steps have been completed, the Partnership will be officially dissolved and the Partners will no longer be personally liable for any of the Partnership's obligations.
Each state and territory in Australia has a Partnership Act.
General principles of contract law, as provided by the common law, may also apply.
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