Free Partnership Dissolution Agreement

A partnership dissolution agreement formally declares the intent to dissolve a partnership and describes how the conclusion of the partnership’s affairs will be conducted.

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There are several reasons why partners may want to terminate their partnership - the entity is no longer profitable, one of the original partners has passed away, the original business purpose has been achieved - the list goes on. Whatever the reason for dissolution, you can assign the responsibilities for winding up the partnership’s affairs through the Partnership Dissolution Agreement.

The Partnership Dissolution Agreement assigns the obligations and responsibilities for settling a company’s affairs to a “liquidating partner.” Following the creation of the agreement, there will be several steps necessary to dissolve your partnership, but this dissolution agreement can set you on the right course. 

Frequently Asked Questions

 

 

A partnership dissolution agreement is a formal declaration of intent to dissolve a partnership that contains terms describing how the conclusion of the partnership’s affairs will be conducted.

 

A partnership dissolution agreement assigns responsibilities and lays out the distribution method for the remaining assets/liabilities of a company. It can be a useful first step when dissolving your partnership. 

 

To create your agreement, provide:

  • Dissolution Date: Select the date on which the partnership will be considered dissolved by the partners;

  • Partnership Information: Give the name, purpose, state of formation, and location of the partnership;

  • Partners: List the name and address of each partner;

  • Partnership Agreement Details: If a partnership agreement was executed, provide the date of its most recent version.

  • Distribution: Describe how the remaining assets/liabilities of the partnership will be distributed to the partners.

  • Liquidating Partner: Assign the responsibility for winding up the partnership to one of the partners. This partner will inventory assets, settle debts, file necessary documents with the state (if applicable), and distribute the remainder to the partners.

  • Notice of Dissolution: Publishing a notice of dissolution in a newspaper of the state where you primarily conduct business will announce to the public that the partnership is coming to an end. Indicate whether you will do so.

  • Partnership Dissolution Form: Some States require partnerships to file a partnership dissolution form in certain situations. It is typically contingent upon whether you filed paperwork with the Secretary of State of that state when you began your partnership. Specify whether your partnership will file a dissolution form.

 

 

This partnership dissolution agreement is an internal document for the partners concerning the dissolution of their entity. It is not filed with the State.

 

 


Our propriety form generator will assist you in creating your customized Partnership Dissolution Agreement within minutes. Answering the questions is not complicated – you only fill in the requested information and we will put it together for you.

 

Once you complete the questionnaire and place your order, it will be available for immediate download in either PDF or Word document from your secure online account including a step-by-step guide on how to use your document. 

 

 

Generally, a partnership dissolution agreement does not need to be notarized – the signature of all partners makes it enforceable.

 

Please Note: The use of a notary ensures that no one challenges any signatures later and is a secure way to firmly establish the effectiveness of your document.