Dissolution of Partnership Letter
Dissolution of Partnership Letter
[YOUR NAME]
Email: [YOUR EMAIL]
July 1, 2050
Michael McNamara
3577 Roosevelt Wilson Lane
Los Angeles, CA 90017
Samuel Edwards
1240 Cityview Drive
Los Angeles, CA 90017
Dear Michael and Samuel,
I trust this letter finds you well. After thorough discussions and careful consideration, we, the partners of this partnership, have collectively decided to dissolve our partnership. The effective date of this dissolution will be July 31, 2050.
The decision to dissolve the partnership is based on a combination of personal and professional reasons, and we believe that this is the best course of action for all parties involved.
As part of the dissolution process, we have mutually agreed upon the following terms:
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Distribution of Assets:
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[YOUR NAME] will retain ownership of the office equipment and company vehicle.
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Michael McNamara will take ownership of the client database and intellectual property.
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Samuel Edwards will assume ownership of the remaining inventory and business accounts.
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Settlement of Liabilities:
All outstanding business debts and financial obligations will be settled proportionally based on each partner's ownership share as of the effective date of dissolution.
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Ongoing Responsibilities:
Each partner will be responsible for fulfilling any remaining client contracts and obligations that were entered into before the dissolution date.
Please review and sign this letter to confirm your agreement to the terms of the dissolution. Your signature will indicate your understanding and acceptance of the outlined arrangements.
If you have any questions or concerns regarding the dissolution process, we encourage you to seek legal advice.
Thank you for your understanding and cooperation in this matter.
Sincerely,
[YOUR NAME]
Managing Partner
