Partnership Cancellation Letter for Singapore

Partnership Cancellation Letter Template for Singapore

A Partnership Cancellation Letter is a formal document used in Singapore to officially terminate a partnership arrangement. It must comply with Singapore's Partnership Act (Chapter 391) and related legislation, including proper notification to ACRA. The document outlines the dissolution terms, effective date, asset distribution, and steps for winding up the partnership's affairs. It serves as official notice to all relevant parties and authorities of the partnership's termination.

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What is a Partnership Cancellation Letter?

The Partnership Cancellation Letter is a crucial document used when partners decide to formally dissolve their business relationship in Singapore. It must be drafted in accordance with Singapore's Partnership Act and should be used when all partners agree to terminate the partnership or when circumstances defined in the partnership agreement trigger a dissolution. This document typically includes the effective termination date, reasons for dissolution, division of assets and liabilities, and steps for winding up the partnership's affairs. It serves as both a legal record and a practical guide for the dissolution process, ensuring compliance with Singapore's regulatory requirements.

What sections should be included in a Partnership Cancellation Letter?

1. Date and Address Block: Current date and recipient's complete address details

2. Reference Line: Partnership registration number and business name

3. Notice of Cancellation: Clear statement of intent to cancel partnership

4. Effective Date: Specific date when partnership will be dissolved

5. Reason for Cancellation: Brief explanation of dissolution cause

6. Action Items: List of required actions from all parties

What sections are optional to include in a Partnership Cancellation Letter?

1. Asset Distribution: Details of how partnership assets will be divided - include when there are significant partnership assets to distribute

2. Outstanding Obligations: List of pending debts or obligations - include when there are unresolved financial matters

3. Employee Provisions: Plans for existing employees - include when partnership has employees

What schedules should be included in a Partnership Cancellation Letter?

1. Asset Schedule: Detailed list of partnership assets and their agreed distribution

2. Financial Statement: Current financial position of partnership

3. ACRA Forms: Required regulatory forms for partnership dissolution

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

Singapore

Publisher

Genie AI

Cost

Free to use
Industries

Partnership Act (Chapter 391): Primary legislation governing partnership formation, dissolution, and defining partners' rights and obligations. Outlines key procedures for partnership dissolution.

Business Names Registration Act 2014: Covers requirements for business name deregistration and mandatory notifications to ACRA (Accounting and Corporate Regulatory Authority).

Companies Act (Chapter 50): Applicable for Limited Liability Partnerships (LLPs), containing requirements for winding up procedures.

Income Tax Act: Addresses tax implications of partnership dissolution, including requirements for final tax returns and GST deregistration procedures.

Employment Act: Covers employee rights during partnership dissolution, including notice requirements and termination procedures.

Contract Law principles: Ensures proper termination of existing contracts and compliance with notice requirements under partnership agreement.

Bankruptcy Act: Relevant for dissolutions involving insolvency and protection of creditors' rights.

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

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