Dissolution of Partnership Deed
Bring a partnership to its end properly with a dissoultion of partnershop deed, which outlines all the important details regarding the dissolution and winding up.
What is a dissolution of partnership deed?
A dissolution of partnership deed is the proper process for ending a business partnership. It outlines all the important details regarding the dissolution and winding up.
What does a dissolution of partnership deed cover?
A dissolution of partnership deed covers, amongst other things, the date on which the partnership will cease trading, how it will be wound up, what partners can and cannot do until the partnership is wound up, the termination of contracts and other arrangments, the discharge of the partners liabilties, the distribution of of any partnership money once all liabilities have been discharged, retention of records, and notification of the dissolution.
When should I use a dissolution of partnership deed?
Any partner should use a dissolution of partnership deed when they want to bring the partnership to its proper and final end. This is the best way to end a partnership fairly and transparently.
Do I need a dissolution of partnership deed?
All partnerships should use a dissolution of partnership deed to ensure that all liabilities, monies and other technical details are properly ended, and they are protected from future recourse or disputes. This is especially true when the partnership has had a long trading history or complicated setup.
Records from the partnership should be kept for a period after its dissolution, ideally 6 years. Partners should seek accounting advice for tax and other accounting matter such as key dates and final accounts.
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