The Partnership Dissolution Agreement is a crucial document used when business partners decide to formally end their partnership arrangement in Australia. It becomes necessary when partners choose to terminate their business relationship due to retirement, strategic changes, disagreements, or other circumstances requiring the partnership's dissolution. The agreement must comply with the relevant state's Partnership Act and other applicable Australian legislation. It typically includes comprehensive provisions for asset distribution, liability settlement, client transition, employee management, and post-dissolution obligations. This document serves as the primary instrument for ensuring an orderly dissolution process, protecting all partners' interests, and providing clear directions for winding up the partnership's affairs while minimizing the risk of future disputes.
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1. Parties: Identification of all partners involved in the dissolution, including full legal names and addresses
2. Background: Brief history of the partnership, reason for dissolution, and reference to the original partnership agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Effective Date of Dissolution: Specific date when the partnership will be officially dissolved
5. Final Accounting: Process for conducting final partnership accounting and closing of books
6. Asset Distribution: Method and terms for distributing partnership assets among partners
7. Liability Settlement: Allocation and settlement of partnership debts and liabilities
8. Client and Contract Management: Handling of existing client relationships and ongoing contracts
9. Employee Management: Treatment of employees and employment contracts
10. Partnership Name and Goodwill: Provisions regarding the use of partnership name, trademarks, and goodwill post-dissolution
11. Bank Accounts and Financial Matters: Closure of partnership bank accounts and handling of financial instruments
12. Mutual Release: Partners' mutual release from future claims related to the partnership
13. Governing Law: Specification of governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Ongoing Projects: Include when there are incomplete projects that need to be managed through transition
2. Intellectual Property Rights: Include when the partnership owns significant IP that needs to be allocated
3. Non-Compete Provisions: Include when partners agree to restrictions on future business activities
4. Confidentiality Obligations: Include when there is sensitive information that needs ongoing protection
5. Dispute Resolution: Include when partners want specific dispute resolution procedures
6. Insurance Matters: Include when there are ongoing insurance policies or claims
7. Tax Matters: Include when there are complex tax implications requiring specific handling
8. Partner Loans: Include when there are outstanding loans between partners or to the partnership
1. Schedule A - Asset Register: Detailed list of all partnership assets and their agreed values
2. Schedule B - Liability Register: Comprehensive list of all partnership liabilities
3. Schedule C - Distribution Plan: Detailed plan for distribution of assets and liabilities
4. Schedule D - Client List: List of clients and agreed allocation among partners
5. Schedule E - Outstanding Projects: List of ongoing projects and their handling
6. Schedule F - Financial Statements: Final balance sheet and profit/loss statement
7. Appendix 1 - Valuation Reports: Independent valuations of significant partnership assets
8. Appendix 2 - Original Partnership Agreement: Copy of the original partnership agreement being terminated
Relevant legal definitions
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Professional Services
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Medical Practices
Accounting Firms
Architecture Firms
Engineering Consultancies
Real Estate
Retail
Hospitality
Construction
Agricultural Partnerships
Financial Services
Technology Services
Creative Agencies
Management Consulting
Relevant Teams
Legal
Finance
Compliance
Risk Management
Operations
Executive Leadership
Company Secretariat
Business Development
Human Resources
Administration
Relevant Roles
Managing Partner
Partner
Business Owner
Legal Counsel
General Counsel
Chief Executive Officer
Chief Financial Officer
Practice Manager
Business Manager
Accountant
Company Secretary
Financial Controller
Operations Manager
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