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A Partnership Dissolution Agreement is an agreement used by partners of a business setting out the terms and conditions of a partnership dissolution. A partnership is a business owned and managed by two or more persons for the sole purpose of making a profit. The parties engaged in a partnership business are called partners.
A partnership can be dissolved for any of the following reasons:
A Partnership Dissolution Agreement can particularly be useful if the partnership is operating without a Partnership Agreement or if the Partnership Agreement does not provide terms and conditions for ending the partnership.
By creating precise timeline, delineating the roles and duties of the partners and clearly describing the distribution of the remaining partnership assets, this document simplifies the process of partnership dissolution.
How to use this document
This document is used as a first step to dissolve a partnership. This agreement specifies the following:
After filling the form, the partners should sign the document and keep a copy for record purposes. Note that creating or signing a Partnership Dissolution Agreement does not automatically end a partnership. The partnership will continue operation until the partnership debts have been settled and the assets of the partnership have been properly distributed and the dissolution process has been completed.
After the dissolution, the partners are required to file a notice of dissolution to the Corporate Affairs Commission (if the partnership is registered). In addition to this, the partners are required to publish the notice of dissolution in the newspaper and public gazette and send the notice to their customers and clients.
Once this process is completed, the partnership will be formally dissolved and all the partners will no longer be personally liable for any partnership obligations.
The Partnership Act and the Partnership laws of various states in Nigeria apply to this document.
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