Partnership Dissolution Deed
Partnership Dissolution Deed
I. Introduction
This Partnership Dissolution Deed ("Deed") is made and entered into as of [DATE] by and between the undersigned partners of [YOUR COMPANY NAME] ("Partnership"). The parties hereby agree to dissolve the Partnership originally formed on [FORMATION DATE] under the laws of [STATE/COUNTRY OF FORMATION]. This dissolution is agreed upon mutually by all partners, with all terms and conditions set forth herein.
II. Parties
The following individuals are parties to this Deed:
A. [YOUR NAME]
-
Role: Partner
-
Address: [YOUR COMPANY ADDRESS]
B. Additional Partner: [PARTNER NAME]
-
Role: Partner
-
Address: [PARTNER ADDRESS]
III. Statement of Dissolution
-
Effective Date of Dissolution: [EFFECTIVE DATE]
-
Reason for Dissolution: [DISSOLUTION REASON]
IV. Financial Settlements
A. Division of Assets
-
Real Property:
Details of How Real Property Will Be Divided: The real property owned by the partnership will be divided as follows: [Provide specific details regarding the division of real property here]
-
Bank Accounts:
Details of How Bank Accounts Will Be Distributed: The funds in the partnership's bank accounts will be distributed as follows: [Provide specific details regarding the distribution of bank accounts here]
-
Other Assets:
Details of How Other Assets Will Be Divided: Other assets owned by the partnership will be divided as follows: [Provide specific details regarding the division of other assets here]
B. Division of Liabilities
-
Existing Business Debts:
Details of How Business Debts Will Be Handled: Any existing business debts of the partnership will be handled as follows: [Provide specific details regarding the handling of existing business debts here]
-
Other Obligations:
Details of Other Obligations: Any other obligations of the partnership will be handled as follows: [Provide specific details regarding other obligations here]
C. Accounts and Audit
An audit will be conducted covering the period up to the effective date of dissolution. The audit shall be performed by [AUDITOR'S NAME], with the results to be shared with all partners.
V. Miscellaneous
A. Non-Compete Agreement
Following the dissolution, the partners agree:
-
Not to engage in a similar business within [NON-COMPETE DISTANCE] of the former business premises for a period of [NON-COMPETE TIME].
B. Confidentiality
All partners shall maintain the confidentiality of the Partnership's business secrets and proprietary information indefinitely.
C. Legal Compliance
Each partner agrees to comply with all legal obligations related to the dissolution of a partnership as stipulated by the laws of [STATE/COUNTRY OF COMPLIANCE].
VI. Distribution of Intellectual Property Rights
A. Intellectual Property Owned by the Partnership
-
Details of How Intellectual Property Rights Will Be Divided: Specify how any intellectual property owned by the partnership, such as trademarks, patents, or copyrights, will be divided among the partners.
B. Intellectual Property Developed by Individual Partners
-
Details of How Intellectual Property Rights Will Be Handled: Outline the rights and ownership of any intellectual property developed individually by partners during the partnership.
VII. Taxation and Financial Reporting
A. Taxation Obligations
-
Taxation Responsibilities: Clarify the responsibility of each partner for any tax liabilities arising from the dissolution of the partnership and the reporting requirements for tax purposes.
B. Financial Reporting
-
Financial Reporting Requirements: Outline the requirements for financial reporting, including the preparation and submission of final partnership accounts and tax returns.
VIII. Governing Law and Jurisdiction
A. Governing Law
-
Applicable Law: Specify the governing law that will apply to the interpretation and enforcement of the Partnership Dissolution Deed.
B. Jurisdiction
-
Legal Jurisdiction: Designate the jurisdiction where any legal disputes arising from the Partnership Dissolution Deed will be heard and resolved.
IX. Signatures
This Deed is executed by the Partners as a final expression of their agreement to dissolve the Partnership as specified above. The signatures below serve as confirmation of all terms discussed and agreed upon herein.
Partner Name: [YOUR NAME]
[DATE SIGNED]
Partner Name: [PARTNER NAME]
[DATE SIGNED]
X. Notarization
This Deed is acknowledged before me, a Notary Public, on this [DATE] day of [MONTH, YEAR], by [YOUR NAME] and [PARTNER NAME], known to me to be the persons described herein and who executed the foregoing instrument.
Notary Name: [NOTARY NAME]
Commission Number: [NOTARY COMMISSION NUMBER]
Expiration Date: [NOTARY EXPIRATION DATE]
