Partnership Dissolution Agreement
This
two part agreement is designed to dissolve a partnership. If there is more than one vendor more than
one release will e necessary. Laws vary from state to state and change over
time, especially on the subject of partnerships. Before using this document, have a lawyer
review it. Have two originals signed and
keep them on file.
Partnership
Dissolution Agreement
THIS
AGREEMENT made as of Effective Date of Agreement between Name of
Partner
1, of
Address
of Partner I ("Partner 1 ") and Name of Partner 2, of Address of
Partner 2 ("Partner 2")
WHEREAS
the parties hereto (the "Partners") entered into a partnership with
one another on the _____ day of _______, ______(the "Partnership") to
carry on the business of Nature of Business from premises at Address of
Partnership under the name Partnership Name;
AND
WHEREAS the Partners now wish to dissolve the Partnership;
NOW
THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual
covenants and agreements herein contained and subject to the terms and
conditions hereafter set out, the parties hereto agree as follows:
1
. The Partners agree to dissolve the Partnership
effective (the "Dissolution Date").
2.
Effective
the Dissolution Date, all of the assets of the Partnership will be distributed
to the Partners pro rata in accordance with their respective interests in the
Partnership, and all of the liabilities of the Partnership, will be assumed by
the Partners pro rata in the same proportion.
3.
Each
Partner hereby indemnifies and saves harmless the other Partner(s) from and
against any claims, demands, actions, losses and damages suffered by such
Partners resulting from the failure of the Partner to pay and discharge any
portion of any Partnership liability which such Partner has assumed by virtue
of this Agreement.
4.
The
Partners hereby release and forever discharge one another from any and all
claims, demands, actions, losses and damages whatsoever arising from or
relating to the Partnership, with the exception of any claims, demands,
actions, losses and damages arising from or resulting from the terms and
conditions of this Agreement.
5.
Release. Save and except as expressly otherwise
provided in the attached Agreement, the Vendor and the Purchaser hereby release
and forever discharge one another, effective the Dissolution Date, from any and
all debts, liabilities, obligations and claims in any way relating to the
Partnership, including but not limited to the partnership agreement entered
into between the Vendor and the Purchaser, if any.
6.
Further
Assurances. Each of the parties
covenants and agrees that he or she, and his or her heirs, executors,
administrators, successors and assigns will sign such further agreements,
assurances, waivers and documents, and otherwise do and perform or cause to be
done and performed such further and other acts and things that may be necessary
or desirable from time to time in order to give full effect to this Agreement
and every part thereof.
7.
Successors
and Assigns. This Agreement shall enure
to the benefit of and be binding upon heirs, executors, successors and assigns
of each of the parties hereto respectively.
IN
WITNESS WHEREOF the parties hereto have executed this Agreement as of the
____day of _______, _____ ;
Witness
________________________
Name
of Partner 1
Witness
_____________________________
Name
of Partner 2
Release
Agreement
THIS
AGREEMENT made as of Effective Date of Agreement between
Partnership
Name and
Address
and Name of Vendor and Address.
WHEREAS
the parties hereto have entered into a business relationship, and now
Partnership
Name now wishes to dissolve said Partnership;
Now
Name of Vendor and Partnership Name hereby release and forever discharge one
another, effective this DATE, from any and all debts, liabilities, obligations
and claims in any way relating to the Partnership, excepting those listed
below, including but not limited to the partnership agreement entered into
between the Vendor and the Purchaser, if any.
IN
WITNESS WHEREOF the parties hereto have executed this Agreement as of the
____day of _______, _____ ;
Witness
________________________
Name
of Partner 1
Witness
_____________________________
Name of Vendor
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