The Partnership Dissolution Agreement is essential when business partners decide to end their professional relationship in Singapore. This document becomes necessary when partners agree to terminate their business relationship, whether due to retirement, strategic changes, or other circumstances. It comprehensively covers asset distribution, liability settlement, client transition, and regulatory compliance under Singapore law. The agreement ensures compliance with the Partnership Act 1890 and other relevant legislation while providing a clear framework for winding up the partnership's affairs.
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1. Parties: Identification of all partners involved in the dissolution
2. Background: History of partnership and reasons for dissolution
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Dissolution: Specific date when partnership will be dissolved
5. Asset Distribution: Division of partnership assets among partners
6. Liability Settlement: Agreement on handling existing debts and liabilities
7. Final Accounts: Preparation and approval of final partnership accounts
8. Release and Discharge: Mutual release of claims between partners
1. Non-Compete Provisions: Restrictions on future business activities - include when partners want to prevent competition post-dissolution
2. Employee Arrangements: Treatment of existing employees - include when partnership has employees
3. Intellectual Property Rights: Division of IP assets - include when partnership owns intellectual property
4. Client Transition: Process for handling existing clients - include for service-based partnerships
1. Schedule of Assets: Detailed list of partnership assets and their agreed values
2. Schedule of Liabilities: List of outstanding debts and obligations
3. Client List: Current clients and their allocation between partners
4. Final Balance Sheet: Financial position at dissolution
5. Property Transfer Documents: Forms and documents for transferring property ownership
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