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Partnership Dissolution Agreement Fill out the template

Partnership Dissolution Agreement

Last revision
Last revision 10/23/2020
Formats
Formats Word and PDF
Size
Size 4 to 6 pages
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Last revision: 10/23/2020

Size: 4 to 6 pages

Available formats: Word and PDF

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Partnership Dissolution Agreement

A Partnership Dissolution Agreement is a document used by the partners of a partner when they mutually agree to dissolve a partnership.

The dissolution of a partnership is when the partners stop doing or carrying on of the business of the partnership together. It usually means that the authority of the partnership to act for the partnership is terminated except as may be necessary to wind up the affairs of the partnership or to complete transactions that were already begun but not yet finished. However, the dissolution of the partnership does not mean that the partnership is terminated since it can still make actions in order to wind up or settle the business of the partnership. This means that the partnership will still have to take an inventory of the assets of the partnership, settle and pay its debts, and determine and pay the interest of each partnership. Once this has all been settled, only then is the partnership terminated.

A Partnership Dissolution Agreement shows the date of dissolution of the partnership. It also outlines the obligations of the partners in the process of dissolving the partnership, including the appointment of the partner who will act as the liquidating partner.

This Partnership Dissolution Agreement assumes that the dissolution was mutually agreed upon by the all the partners.


How to use this document

This document can be used for a general partnership or a limited partnership. All the information needed to complete this document should be entered. The information can be as detailed as necessary in order to avoid any doubts in the dissolution of the partnership. Once the document is completed, it should be reviewed by all the partners and, if all the information is correct, then all the partners should sign the document.

The partners should personally present themselves to a notary public in order to acknowledge the document. Acknowledgement is when a person or persons appear before the notary public with a document and represents to the notary public that signature on the document was voluntarily affixed by them for the purpose of stated in the document and that they executed it as their free and voluntary act and deed.

Once this document is notarized, an original copy should be reported and filed with the proper government agencies, such as the Securities and Exchange Commission. The partners should also publish a notice of the dissolution in a newspaper of general circulation in all the places where the partnership conducted business.


Applicable law

Partnerships are generally governed and covered by Articles 1767 to 1867 of the Civil Code of the Philippines.


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