Partnership Exit Agreement for the United Kingdom

Partnership Exit Agreement Template for England and Wales

A Partnership Exit Agreement is a legally binding document governed by the laws of England and Wales that formalizes the departure of a partner from a partnership. It sets out the terms and conditions of the exit, including financial settlements, ongoing obligations, release of liabilities, and any restrictions on future activities. The agreement ensures compliance with the Partnership Act 1890 and other relevant legislation while protecting the interests of all parties involved.

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What is a Partnership Exit Agreement?

A Partnership Exit Agreement becomes necessary when a partner decides to leave or is required to leave a partnership. This comprehensive document, governed by English and Welsh law, outlines the complete terms of separation, including financial settlements, asset distribution, client arrangements, and ongoing obligations. It protects all parties' interests while ensuring compliance with relevant legislation, particularly the Partnership Act 1890 and, where applicable, the Limited Liability Partnerships Act 2000. The agreement helps prevent future disputes by clearly documenting the exit terms and mutual obligations.

What sections should be included in a Partnership Exit Agreement?

1. Parties: Identification of all parties involved, including the exiting partner and remaining partners

2. Background: Context of the partnership and reasons for exit

3. Definitions: Key terms used throughout the agreement

4. Effective Date of Exit: Specific date when the partner's exit becomes effective

5. Financial Settlement: Terms of financial settlement including capital account and profit share

6. Release of Liabilities: Mutual release of future liabilities between parties

7. Return of Property: Provisions for returning partnership property and assets

8. Confidentiality: Ongoing obligations regarding confidential information

9. Governing Law: Specification of English and Welsh law as governing law

What sections are optional to include in a Partnership Exit Agreement?

1. Non-Compete Provisions: Restrictions on future business activities and competition, including duration and geographical scope

2. Intellectual Property Rights: Treatment of IP rights post-exit and any ongoing licenses or restrictions

3. Client Communication: Process and responsibilities for informing clients of the exit and managing transitions

4. Ongoing Consultancy: Terms for any continuing involvement or transition period arrangements

5. Tax Provisions: Specific arrangements regarding tax liabilities and responsibilities

What schedules should be included in a Partnership Exit Agreement?

1. Schedule of Assets: Detailed list of partnership assets and their allocation between parties

2. Capital Account Statement: Current state of partner's capital account and calculation of final settlement

3. Client List: Comprehensive list of clients and their allocation post-exit

4. Outstanding Matters: List of ongoing matters requiring handover or continued attention

5. Payment Schedule: Schedule of any deferred payments or installment arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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What is a Partnership Exit Agreement?

What sections should be included in a Partnership Exit Agreement?

What sections are optional to include in a Partnership Exit Agreement?

What schedules should be included in a Partnership Exit Agreement?

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