Free Startup Partnership Dissolution Agreement Template
Startup Partnership Dissolution Agreement
This Partnership Dissolution Agreement ("Agreement") is made and entered into this [Date] ("Effective Date"), by and between [Your Company Name], a company duly registered and existing under the laws of its jurisdiction, having its principal office at [Your Company Address], hereinafter referred to as the "First Partner", and [Your Partner Company Name], a company duly registered and existing under the laws of its jurisdiction, with its principal office at [Your Company Address], hereinafter referred to as the "Second Partner".
WHEREAS, the First Partner and the Second Partner are bound by a partnership agreement ("Partnership Agreement") executed as of [Date]; and
WHEREAS, the Parties have jointly elected to terminate the Partnership Agreement and dissolve the partnership entity established thereunder;
NOW, THEREFORE, in recognition of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:
I. TERMINATION OF PARTNERSHIP
As of the Effective Date and subject to the terms and conditions set forth in this Agreement, the First Partner and the Second Partner hereby agree to terminate the Partnership. Subsequent to the Effective Date, the Parties shall discontinue all partnership business activities, save for those actions deemed necessary for the orderly conclusion of the Partnership's affairs.
II. FINAL DISTRIBUTION
Subsequent to the termination of the Partnership, the First Partner and the Second Partner shall engage in the final allocation and distribution of the Partnership's assets. This distribution shall be conducted in a manner that reflects each Partner's respective contributions, as documented within the capital accounts. The aim is to carry out this distribution process with due diligence and efficiency, ensuring completion within a timeframe not exceeding sixty (60) days from the Effective Date.
III. RELEASES
With the exception of provisions explicitly articulated within this Agreement, the First Partner and the Second Partner hereby mutually absolve and release each other from any and all forms of claims, liabilities, obligations, debts, damages, losses, costs, and expenses, irrespective of whether they are known or undisclosed, that may emanate from the Partnership Agreement or from any activities conducted within the scope of the Partnership's operations, effective as of or subsequent to the Effective Date.
IV. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the legal statutes and regulations of the state or jurisdiction in which the First Partner's principal place of business is located. This shall be done without resorting to any principles of conflicts of law that might dictate the application of the laws of another jurisdiction.
V. ENTIRE AGREEMENT
This Agreement embodies the complete and exclusive understanding between the First Partner and the Second Partner regarding the termination of the Partnership and the dissolution of their mutual business engagements, superseding all prior discussions, agreements, and understandings, whether oral or written. This Agreement may not be amended, altered, or supplemented except in writing signed by both Parties.
IN WITNESS WHEREOF, the parties hereto have executed this Partnership Dissolution Agreement as of the Effective Date
[Your Company Name]
[Your Name]
[Job Title]
[Date]
[Your Partner Company Name]
[Your Name]
[Job Title]
[Date]
