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Notice of Withdrawal from Partnership

Last revision Last revision 10/01/2024
Formats FormatsWord and PDF
Size Size1 page
Fill out the template

Last revisionLast revision: 10/01/2024

FormatsAvailable formats: Word and PDF

SizeSize: 1 page

Fill out the template

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 is dissolved and ceases 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 out 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.

Applicable law

The Partnership Act of 1890 and the state partnership laws generally regulate partnerships in Nigeria. Also, the general rules of contract apply to this document.

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