A business partnership separation agreement is a written document which is made when two parties agree to separate themselves from a business partnership or a business venture. These agreements documents consist of certain number of terms and conditions which are legally binding for the involved parties. If a party violates any of the terms, then it can lead to legal implications.
Sample Business Partnership Separation Agreement:
This agreement has been made effective from the date 3rd June 2011
This agreement has been made by and between the following two parties:
Name: Mr. Fred Markson
Contact number: 473403470305
Position in business partnership: Management of finance and accounts
Name: Mr Tim West
Contact number: 473747403040
Position in business partnership: responsible for sales and marketing operations.
Details of separation:
The parties agree to part ways legally as far as the business named “Markson and West” is concerned.
The parties decide to do so on the basis of mutual consideration and realisation of a non profitable business venture in the partnership
Both the parties agree to be separated through this agreement
The following are the terms and conditions of separation:
The parties will be entitled to a 50% distribution of last accounts of the company.
The parties agree to handling over the company name to another company owned by Mr. Daniel White.
The party 1 shall hand over all documents to the other party to ensure a peaceful separation and transparency and same holds for the party 2.