Last revision: 10/03/2023
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This Notice of Withdrawal from Partnership is a letter by which a partner notifies other partners of his/her intention to withdraw from a partnership business or business venture.
A partner of a firm may withdraw or retire either voluntarily or involuntarily. When a partner, decides, with their own volition, to retire or leave the partnership, it is called a voluntary withdrawal. This withdrawal may be due to retirement, business, or personal reasons. When this happens, the remaining partners may buy out the outgoing partner. An involuntary withdrawal occurs when a partner is forced to exit a partnership without his/her consent. It may be due to ill health, disability, bankruptcy, breach of partnership duties, etc.
Consequently, this document can be used in both cases where a partner will cease to be a partner of a business venture, and the partnership will remain in operation after the withdrawing partner leaves. However, if the business will be dissolved and cease operation, the Notice of Partnership Dissolution and Partnership Dissolution Agreement should be used instead.
How to use this document
If a party intends to withdraw from a partnership, the first step is to review the Partnership Agreement to ensure that they comply with the terms and conditions for withdrawal. After this, all the required information should be entered into the form. Such information includes the name and contact details of the outgoing partner, the name and address of the partnership business, the reason for the withdrawal, and the date of the partner's departure.
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 outgoing partner.
The Partnership Act 1890 and the state partnership laws generally regulate partnerships in Nigeria. Also, the general rules of contract also apply to this document.
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Other names for the document: Business Partnership Involuntary Withdrawal Notice, General Partnership Involuntary Withdrawal Notice, Involuntary Partner Withdrawal Notice, Notice of Involuntary Withdrawal from Partnership, Notice of Voluntary Withdrawal from Partnership