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Notice of Withdrawal from Partnership Fill out the template

Notice of Withdrawal from Partnership

Last revision
Last revision 08/04/2017
Formats
Formats Word and PDF
Size
Size 1 page
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About the template

Last revision:08/04/2017

Size:1 page

Available formats:Word and PDF

Fill out the template

Notice of Withdrawal from Partnership

A Notice of Withdrawal from Partnership document can be used by a Partner who wishes to leave a Partnership voluntarily or by Partners who wish to eject a Partner from the Partnership involuntarily due to a breach of the Partnership Agreement.

By creating a written notice of the withdrawal, the Withdrawing Partner can protect themselves from future liability related to the Partnership and the Partnership can protect themselves from future liabilities created by the Withdrawing Partner.

This document should be used if the Partnership will remain in operation after the Withdrawing Partner leaves the Partnership. However, if the Partnership will be dissolved and cease operation, a Partnership Dissolution Agreement document should be used instead.

 

How to use this document

The Partnership Agreement governing the operation of the Partnership generally includes information about the methods and requirements related to a Partner's withdrawal from the Partnership. If there is a written Partnership Agreement, it can be helpful to have a copy available to reference while completing this document to be sure that the withdrawal conforms to the pre-established guidelines.

This document includes all of the necessary information needed for either a voluntary or involuntary withdrawal including the following:

  • Name and address of the Withdrawing Partner
  • Information about the Partnership including its name, date of formation, and purpose
  • Indication of whether the withdrawal is voluntary or involuntary
  • If an involuntary withdrawal, an explanation of the reason for the withdrawal, such as death, incapacity, incompetence, or breach of fiduciary duty by the Withdrawing Partner
  • Names and addresses of the Partners who will be remaining in the Partnership after the withdrawal

In the case of a voluntary withdrawal, the Withdrawing Partner should complete this notice and then send copies of the notice by registered or certified mail to all of the remaining Partners at their last known addresses. If this document is being used to notify of an involuntary withdrawal, the remaining Partners should complete the document and then send a copy of the notice by registered or certified mail to the Partner who is required to withdraw from the Partnership.

 

Applicable law

Partnerships are organized under state law. All states allow Partners to withdraw from a Partnership at will -- absent any withdrawal restrictions -- by providing notice of the Partner's intent to withdraw. Most states refrain from defining adequate notice. Instead, they let the Partnership set withdrawal notification requirements in the Partnership Agreement. However, some states do mandate that the notice be provided in writing or provided a certain number of days in advance of the Partner's final day with the Partnership. Be sure to check for any state requirements that govern this withdrawal letter to ensure compliance with state law.

 

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