LEGALDOCS.com
Create and access Legal Documents online
Legal Documents Online Are you in need of a common legal document, like a contract to sell your car, a will, or an employment agreement, or need some information regarding your legal problem or issue?

LegalDocs.com is your answer, simply select the type of document you need and complete the easy step by step process and you will have your document in minutes.

LEGALDOCS - Partnership Dissolution Agreement Questionnaire


*Legaldocs is not practicing law, and Legaldocs is not your attorney.
By proceeding further you acknowledge you have READ THIS DISCLAIMER.

THERE IS A CHARGE OF $19.75 TO OBTAIN AND PRINT THIS DOCUMENT. You can proceed with the Questionnaire, and obtain a Partnership Dissolution Agreement free of charge, but to obtain the final, completed document, ready for viewing and instant printing (or Save-to-File), you will be asked to submit credit card information and will be billed $19.75. However, please feel free to complete or review this Questionnaire and the Summary which will be produced. It is educational and will provide some insight regarding which areas, minimally, should be covered, and will let you see if the subject matters important to you are covered in the Partnership Dissolution Agreement

Once you pay for the document, you can return to this site and access and modify the completed document for 24 hours as long as you use the same computer. The completed document is available in MSWord format, so you can print and/or save it to your hard drive. You can then modify the document on your system in MSWord, or (during the initial 24 hour period) modify the document by clicking on the document link in legaldocs.com. You can also copy/paste the document into any other word processor and print or make changes as you desire.


This short form agreement for the dissolution of a General Partnership is used for a partnership that consists of up to ten persons. This agreement provides for the basic required terms of a partnership dissolution between the partners, and would typically be used for small partnerships that have been formed for any conceivable types of endeavors. For larger businesses (i.e., sales of several hundred thousand dollars or more, we recommend the Long Form Partnership Dissolution Agreement.

Many events can trigger a dissolution of partnership, and the partnership agreement usually spells out certain events such as (i) the passage of time (ii) liquidation or sale of the main partnership asset (such as a rental apartment building) or (iii) the agreement between the partners. Once understanding and an agreement to dissolve the partnership is reached between the partners, this form can be used to execute that decision.

If your partnership is for a business that If your partnership has less than ten partners, skip the blanks that do not apply. If you have more than ten partners we suggest you obtain counsel to draft a dissolution agreement specific to your situation.

To create a Dissolution of General Partnership Agreement, complete this form. INFORMATION REGARDING THE PARTNERS AND THE GENERAL PARTNERSHIP AGREEMENT

Enter the name of the Partnership being dissolved:

The Partnership's main place of doing business is:

Describe the general business which the Partnership was engaged in. Complete the following sentence: The Partnership is engaged in the business of: .
[For example, "operating a restaurant located at..."(OR) "providing accounting services" (OR)"owning and operating commercial properties" (OR)"refurbishing and selling cars"]

Enter the names of the Partners that will be executing this General Partnership Dissolution. This should generally be all of the partners of the business. Leave blank those spaces that do not apply.

First Partner:
Second Partner:
Third Partner:
Fourth Partner:
Fifth Partner:
Sixth Partner:
Seventh Partner:
Eighth Partner:
Ninth Partner:
Tenth Partner:

The Partnership Agreement was a verbal agreement, not put into writing.
The Partnership Agreement was a written agreement, dated .

Dissolution:

Enter the date this Partnership has dissolved, or is exptected to dissolve:

Winding Up:

Enter the name of the Partner who will coordinate and be responsible to liquidate the assets of the Partnership and wind up its affairs:

Will the liquidating partner will be compensated for his or her work on behalf of the Partnership? Yes, the liquidating partner will receive the sum of $. (I.e., "$5,000", OR "$500 per week until the termination date")
No, liquidating partner will not receive any compensation.

Distribution of Assets:

How will the General Partnership distribute its liquidated and/or remaining assets?

    In accordance with each partner's capital account as shown in the Partnership books.
    As follows:
  • To First Partner:
  • .
    (I.e., Fifty five (55) percent of the partnership assets)
  • To Second Partner:
  • .
  • To Third Partner:
  • .
  • To Fourth Partner:
  • .
  • To Fifth Parther:
  • .
  • To Sixth Partner:
  • .
  • To Seventh Partner:
  • .
  • To Eighth Partner:
  • .
  • To Ninth Partner:
  • .
  • To Tenth Partner:
  • .
    Allocation of Debts:

    Will there be debts remaining following the winding up of the partnership, that will have to be paid by one or more partners? No, all debts will be paid in full during the winding up process.
    Yes, and those debts will be paid as follows:

  • Partner 1 shall pay/assume the following debt:
  • .
  • Partner 2 shall pay/assume the following debt:
  • .
  • Partner 3 shall pay/assume the following debt:
  • .
  • Partner 4 shall pay/assume the following debt:
  • .
  • Partner 5 shall pay/assume the following debt:
  • .
  • Partner 6 shall pay/assume the following debt:
  • .
  • Partner 7 shall pay/assume the following debt:
  • .
  • Partner 8 shall pay/assume the following debt:
  • .
  • Partner 9 shall pay/assume the following debt:
  • .
  • Partner 10 shall pay/assume the following debt:
  • .

    Addition Provisions:

    If you would like to add any other provision(s) to this General Partnership Dissolution, then please write the additional term that you want to include below (use full punctuation, and include a paragraph title in all upper case letters as shown in the example below):
    (For example: "RETURN OF PARTNERSHIP TOOLS: The Partners recognize that the tools and equipment used by the partnership were donated by Partner One, and at the time of dissolution, Partner One shall be entitled to have such tools and equipment returned to her without consideration." OR "ASSUMPTION OF TRUCK LOAN: Partner One will receive the partnership GMC Year 2002 truck with a current fair market value of $19,000, in return for which Partner One will (i) assume the existing truck loan balance in the approximate amount of $15,000, and (ii) have charged against his capital account the sum of $4,000 as an equilization charge.")

    The Agreement will be signed in the state of .


    This completes the information input for your Partnership Dissolution Agreement. When you Send this Form, this program will prepare a Summary of the Partnership Dissolution Agreement for your review. Make sure that all facts stated in the Summary are correct in all respects.

     



    [Back to Legaldocs Home Page]
    Legaldocs, Legaldocs.com, Lawdocs, and Lawdocs.com are trademarks of Amicus National, Inc.
    Copyright 1996 - 2017, Amicus National, Inc. All rights reserved.
    All copyrights to all pages in Legaldocs reserved.