A Partnership Dissolution Agreement is a legal contract that is used when partners want to end their partnership. The purpose of the document is to create a plan for the dissolution of the partnership, that will contain the steps that are supposed to be made in order to break the partnership.
The agreement is not the final point of ending the partnership, in reality, it is the reverse, it marks the beginning of the process which will separate it. Along with outlining the plan, the Dissolution of Partnership Agreement also provides information on how the partnership assets will be divided, which responsibilities each partner will have during this process, and creates a clear timeline of dissolution events.
Usually, a Partnership Dissolution Agreement is used to end a partnership if the partners did not sign a Partnership Agreement, or if they did not state that the partnership should be separated in any other way. In cases when partners do not want to dissolve their partnership, but one or several of them are willing to leave it, they can use a Notice of Withdrawal From Partnership to notify other partners about their decision. If their shares will be acquired by new partners, the partnership can continue existing, but with the new partners filling the previous partners role.
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