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Notice of Withdrawal From Partnership Template
What Is a Notice of Withdrawal From a Partnership?
A Notice of Withdrawal From a Partnership is a document that is used by a partner who would like to leave their partnership. The purpose of the document is to notify other partners about the partnership withdrawal, and inform them that they can now make offers to acquire the withdrawing partner's share.
Alternate Name:
- Notice of Partnership Withdrawal.
This document can also be used in other situations. For example, when partners want to notify another partner that they are being involuntarily withdrawn from the partnership due to breaching the Partnership Agreement, bankruptcy, or other reasons, they can use this notice.
If none of the remaining partners would like to make a buyout offer to the leaving partner, then the partnership is supposed to be dissolved and liquidated. Partners can do it with the use of a Partnership Dissolution Agreement or another way stated in their Partnership Agreement. A Notice of Withdrawal From a Partnership template can be downloaded below.
How to Write a Notice of Withdrawal From a Partnership?
Generally, a Notice of Partnership Withdrawal is made in the form of a letter that is sent to all of the partners. The letter can include several parts such as:
- Title . The title of the notice will help to express the nature of the document and attract immediate attention as a letter of high importance.
- Introduction . In the first part of the letter, the partner should state the names of the partners to whom they are sending the notice, the date, and their personal information. Personal information is needed for identification purposes and can include their full name, address, email, and telephone number.
- Subject . Here the partner should express the main idea of the letter - they should designate that they are leaving the partnership. This part should also contain information about the partnership, such as its legal name, a brief description of the business purpose, and its location.
- Notification . The partner can use this part to designate that they have sent the notice to each partner's last known address.
- Type of Notice . If the withdrawal is involuntary and is conducted by other partners, they should state it and describe the reasons why they want to withdraw their partner from the partnership.
- Information About the Share. In this part of the letter, the partner should state that they are waiting for an offer to acquire their share. Otherwise, the partnership will be dissolved and liquidated.
- Signature . To express their consent with the content of the notice and state that they made it fully lucid, the partner should sign it.
The partner can include other information in the notice that they consider to be important, however, the letter should not be overloaded with information and should not take more than one page.
Before completing a Notice of Withdrawal From a Partnership, the partner should check the partnership agreement they have signed when they joined the partnership in case there are any particular things that must be included there. The partner can also check their applicable state laws since some of them have certain requirements as to when the notice should be sent.
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