Partnership Settlement Agreement for Hong Kong

Partnership Settlement Agreement Template for Hong Kong

A comprehensive legal agreement governed by Hong Kong law that formally documents the terms and conditions for dissolving or restructuring a partnership arrangement. This agreement sets out the complete settlement terms between partners, including asset distribution, liability allocation, financial settlements, and mutual releases. It addresses key aspects such as client transition, confidentiality obligations, and post-dissolution restrictions while ensuring compliance with Hong Kong's Partnership Ordinance and related legislation. The document serves as a definitive record of the partners' agreement to terminate their business relationship and provides a framework for implementing the agreed settlement terms.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Partnership Settlement Agreement

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Partnership Settlement Agreement?

The Partnership Settlement Agreement is a crucial document used when partners decide to terminate or substantially restructure their business relationship in Hong Kong. It is particularly important for professional partnerships, family businesses, and joint ventures operating under Hong Kong law. The agreement comes into play during various scenarios including retirement of partners, voluntary dissolution, or resolution of partnership disputes. It must comply with the Hong Kong Partnership Ordinance and other relevant legislation while addressing complex issues such as asset division, client retention, ongoing liabilities, and tax implications. The document typically includes detailed provisions for financial settlements, asset distribution, release of claims, and post-dissolution obligations. It serves both as a settlement instrument and a risk management tool by providing clarity and finality to the partnership dissolution process.

What sections should be included in a Partnership Settlement Agreement?

1. Parties: Identification of all partners and any other relevant parties to the settlement agreement

2. Background: Recitals explaining the partnership's history, reason for dissolution, and context for the settlement

3. Definitions: Definitions of key terms used throughout the agreement

4. Interpretation: Rules for interpreting the agreement, including construction of references and calculations

5. Acknowledgment of Dissolution: Formal acknowledgment of the partnership's dissolution and effective date

6. Settlement Terms: Core terms of the settlement including financial arrangements and asset distribution

7. Release and Waiver: Mutual release of claims and waiver of rights between the parties

8. Tax Matters: Allocation of tax liabilities and responsibilities

9. Further Assurance: Obligations to execute further documents and take necessary actions to implement the settlement

10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes

11. Execution: Signature blocks and execution requirements

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

1. Non-Compete and Non-Solicitation: Restrictions on future business activities and client solicitation, if agreed between parties

2. Confidentiality: Obligations regarding confidential information, typically included if sensitive business information is involved

3. Ongoing Obligations: Any continuing duties or responsibilities of the parties post-dissolution

4. Intellectual Property Rights: Allocation of IP rights if the partnership owned or developed intellectual property

5. Third Party Rights: Provisions regarding the rights of third parties under the Contracts (Rights of Third Parties) Ordinance

6. Insurance and Indemnification: Provisions for maintaining insurance coverage and indemnification obligations

7. Dispute Resolution: Detailed procedures for resolving disputes, including mediation or arbitration provisions

8. Public Announcements: Requirements for making public statements about the dissolution and settlement

What schedules should be included in a Partnership Settlement Agreement?

1. Schedule 1 - Asset Distribution: Detailed listing of partnership assets and their agreed distribution

2. Schedule 2 - Financial Settlement: Detailed breakdown of financial settlements including payments and adjustments

3. Schedule 3 - Outstanding Liabilities: List of partnership liabilities and their allocation between partners

4. Schedule 4 - Client List: Distribution or handling of client relationships and ongoing matters

5. Schedule 5 - Completion Actions: List of actions required to be taken by each party to complete the settlement

6. Appendix A - Partnership Agreement: Copy of the original partnership agreement being terminated

7. Appendix B - Valuation Reports: Any relevant valuation reports for partnership assets

8. Appendix C - Tax Calculations: Detailed tax calculations and allocations

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

Jurisdiction

Hong Kong

Publisher

Genie AI

Cost

Free to use
Clauses
Relevant Industries

Professional Services

Legal Services

Accounting & Audit

Medical Practices

Architecture & Design

Management Consulting

Real Estate

Financial Services

Engineering Services

Information Technology

Creative Industries

Trading & Distribution

Construction

Healthcare Services

Relevant Teams

Legal

Finance

Compliance

Risk Management

Operations

Business Development

Human Resources

Administration

Corporate Secretarial

Tax

Audit

Partnership Management

Executive Leadership

Relevant Roles

Managing Partner

Senior Partner

Executive Partner

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Legal Counsel

Company Secretary

Finance Director

Operations Director

Managing Director

Business Development Director

Risk Manager

Compliance Officer

Partnership Administrator

Professional Partner

Equity Partner

Junior Partner

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Standby Trust Agreement

A Hong Kong law-governed agreement establishing a dormant trust structure that activates upon specific trigger events, detailing party obligations and trust administration procedures.

Download

Influencer Agreement

A Hong Kong law-governed contract between brands and social media influencers for content creation and promotional services.

Download

Formal Offer Letter Of Employment

A Hong Kong law-compliant formal employment offer letter outlining key employment terms and conditions between employer and prospective employee.

Download

Ending Lease Letter

A formal notice under Hong Kong law to terminate a lease agreement, specifying the termination date and arrangements for concluding the tenancy.

Download

Construction Invoice Terms And Conditions

Standard terms and conditions for construction invoicing under Hong Kong law, establishing payment processes and requirements for construction projects.

Download

3 Way Business Partnership Agreement

A Hong Kong law-governed agreement establishing a three-way business partnership, defining partners' rights, obligations, and operational framework.

Download

Change Of Working Hours Letter To Employee

A Hong Kong-compliant letter document formalizing changes to an employee's working hours and obtaining their agreement to the new arrangement.

Download

Business Agreement

A Hong Kong law-governed agreement establishing terms and conditions for commercial relationships between business entities.

Download

Simple Job Offer Letter

A concise, legally compliant job offer letter under Hong Kong law that outlines basic employment terms and conditions.

Download

Referral Letter For Work

A Hong Kong-compliant formal business letter providing professional endorsement of a candidate's qualifications and work experience for employment opportunities.

Download

Letter Of Intended Use

A formal declaration document under Hong Kong law specifying how a property, product, or service will be utilized, ensuring regulatory compliance and proper usage documentation.

Download

Non Binding LOI

A preliminary non-binding document under Hong Kong law that outlines proposed terms and conditions for a potential transaction or business relationship.

Download

Investment Contract For Small Business

A Hong Kong law-governed agreement setting out terms and conditions for investment in a small business, including investment amount, shares, rights, and protections.

Download

Managing Director Service Agreement

Hong Kong law-governed service agreement establishing employment terms and conditions for a Managing Director, including duties, compensation, and obligations.

Download

Hotel Management Contract Agreement

A Hong Kong law-governed agreement between hotel owner and management company establishing terms for hotel operation and management services.

Download

Letter Of Intent Business Collaboration

A preliminary document under Hong Kong law outlining proposed terms for business collaboration between parties, serving as a framework for future detailed agreements.

Download

Technical License Agreement

A Hong Kong law-governed agreement establishing terms for licensing technical intellectual property, including usage rights, payments, and IP protection.

Download

Letter For Overfacility

A Hong Kong law-governed document authorizing an increase in an existing credit facility, setting out terms and conditions for the additional credit extension.

Download

Individual To Individual Loan Agreement

A Hong Kong law-governed loan agreement between private individuals, setting out loan terms, repayment conditions, and mutual protections.

Download

Limited Company Invoice

A legally compliant invoice document issued by Hong Kong limited companies, conforming to local business and tax regulations.

Download

Letter Of Intent Job Offer

A preliminary employment offer document used in Hong Kong that outlines key terms and conditions of proposed employment, bridging initial discussions and formal employment contract.

Download

Commission Invoice

A Hong Kong-compliant invoice document for claiming and recording commission payments, meeting local regulatory and tax requirements.

Download

Private Land Lease Agreement

A Hong Kong law-governed agreement establishing terms and conditions for private land or property lease, detailing rights and obligations of landlord and tenant.

Download

Partnership Offer Letter

A formal letter governed by Hong Kong law extending an offer to join a partnership, outlining key terms and conditions of the proposed partnership arrangement.

Download

Domestic Letter Of Credit

A Hong Kong law-governed banking instrument that provides payment security for domestic trade transactions through a bank's irrevocable payment undertaking.

Download

Co Borrower Loan Agreement

A Hong Kong law-governed agreement establishing terms for multiple borrowers to jointly obtain and be liable for a loan from a lender.

Download

Canteen Contract Terms And Conditions

A Hong Kong law-governed agreement setting out terms and conditions for canteen operations, including operational requirements, food safety standards, and regulatory compliance.

Download

Business Ownership Transfer Letter

A formal letter under Hong Kong law documenting the transfer of business ownership between parties, including all essential terms and regulatory compliance requirements.

Download

Unilateral Release Agreement

A Hong Kong law-governed agreement where one party releases another from specific claims or liabilities, providing a legally binding waiver of rights.

Download

Three Way NDA

Hong Kong law-governed three-party NDA for protecting confidential information shared in complex business relationships.

Download

Startup Investment Term Sheet

A Hong Kong law-governed preliminary agreement outlining key terms and conditions for startup investment, serving as the basis for definitive investment documentation.

Download

Software Partner Agreement

Hong Kong-governed agreement defining the commercial and technical relationship between a software company and its business partner.

Download

Software Ownership Agreement

A Hong Kong law-governed agreement that establishes and transfers software ownership rights, including associated intellectual property and documentation.

Download

Preliminary Offer Letter

A Hong Kong law-governed document that outlines preliminary employment terms and conditions offered to a prospective employee.

Download

Preference Share Subscription Agreement

A Hong Kong law agreement governing the subscription of preference shares, detailing share rights, investment terms, and parties' obligations.

Download

Pre Marriage Financial Agreement

A Hong Kong law-governed agreement between prospective spouses defining their financial rights and obligations before marriage.

Download

Partnership Framework Agreement

A Hong Kong law-governed agreement establishing the framework and terms for a partnership arrangement between multiple parties.

Download

Partnership Contract Agreement

A Hong Kong law-governed agreement establishing the terms and conditions of a business partnership, including partner rights, obligations, and operational framework.

Download

Partnership Agreement Profit Sharing

A Hong Kong law-governed agreement establishing partnership terms and profit-sharing arrangements between partners.

Download

Partner Exit Agreement

A Hong Kong law-governed agreement detailing the terms and conditions for a partner's exit from a partnership, including financial settlements and ongoing obligations.

Download
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

2 Docs LeftAccess Now