A Dissolution of Partnership Deed is a document that is used when the business previously carried on by a partnership will not be carried on in any form by any of the partners. This document is required in the event your partnership ceases to trade, as you need to determine how the business assets and liabilities will be divided between all partners.
Partnerships come to an end for a variety of reasons, but you can wind up the business with legal formality and transparency with this Dissolution of Partnership Deed. This partnership dissolution deed outlines all the important details regarding the dissolution and winding up of the business, including the date on which the partnership will cease trading, what the partners can and cannot do from this date, the discharge of the partnership's liabilities, the allocation of assets, and the retention of proper records.
When drafting a Dissolution of Partnership Deed, it is important to focus on a number of key clauses, in particular: