Partnership Separation Agreement

A partnership separation agreement is a document which is framed when two parties agree to separate from a partnership they were previously engaged in. These kinds of formal documents are legally binding in the sense that the terms and conditions contained in them are enforceable by law and must be followed by the involved parties.

Sample Partnership Separation Agreement:

This agreement has been made effective from the date 24th May 2011

This agreement has been made by and between the following two parties:

Party 1

Name: Mr. Ron Hardly

Contact number: 473403470305

Party 1 is a 45 % partner in the company called Hardly and Henry Corp.

Party 2

Name: Mr Mark Henry

Contact number: 473747403040

Party 2 is a 55% partner in the company called Hardly and Henry Corp.

Details of partnership separation:

The parties agree to separate from the partnership due to reasons such as discontent and failure of the company to work under two heads. These parties hence decide mutually to shut down the company from existence.

The following are the terms and conditions of separation:

  • The parties will be entitled to get their share of the profits and savings earned from the partnership business.
  • The Party 1 agrees to hand over all important documents to the Party 2 because of its larger share in the partnership.
  • Both parties agree to peacefully part ways and completely shut down the company by dividing its funds.

Both parties hereby agree to the terms of this agreement:

Signatures of both parties:

Ron Hardly

Mark Henry

Category: Separation Agreements

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