LEGALDOCS - Partnership Dissolution Agreement
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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.
The Partnership Agreement was a verbal agreement, not put into writing.
The Partnership Agreement was a written agreement, dated .
Enter the date this Partnership has dissolved, or is exptected to dissolve:
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.
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:
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.
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