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The Notice of Withdrawal from Partner is a letter by a partner notifying the partners of a business partnership of his/her intention to withdraw from the partnership. This document is used when a partner wishes to withdraw voluntarily or involuntarily from a partnership.
A partner can withdraw from a partnership in either of the following ways:
This document will be used if the partnership will remain in operation after the withdrawing partner leaves the partnership. If the partnership will be dissolved and cease operation, the Partnership Dissolution Agreement and Notice of Partnership Dissolution should be used instead.
How to use this document
The Partnership Agreement regulates the partnership business which includes the terms and conditions for withdrawal from the partnership. If a written agreement exists, the withdrawing partner must conform to the tenets of the agreement.
The document outlines the name and address of the withdrawing partner, the name and address of the partnership business,the purpose of the partnership, the date of the partnership agreement (whether oral or written), the reason for the withdrawal and the date of the partner's withdrawal.
After filling this document in the case of voluntary withdrawal, the withdrawing partner should sign the document and deliver a signed copy to the remaining partners. In the case of an involuntary withdrawal, the document should be signed by the remaining partners of the partnership and delivered to the withdrawing partner.
The Partnership Act 1890 and the state partnership laws generally regulate partnerships in Nigeria. Also, the general rules of contract is applicable to the document.
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