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Sample Partnership Dissolution Agreement

This document is a partnership dissolution agreement between two partners, XXX and YYY, of the business partnership SIKLAB TRADING. The partners now intend to dissolve their partnership and liquidate its affairs, with XXX continuing the business alone. YYY acknowledges receiving P337,000 as full settlement of her share and interest in the partnership. XXX also agrees to pay YYY's salary for May to July 2019 over the next few months. The rental deposits for the leased premises will remain with XXX solely.

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Patrick Lubaton
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9K views3 pages

Sample Partnership Dissolution Agreement

This document is a partnership dissolution agreement between two partners, XXX and YYY, of the business partnership SIKLAB TRADING. The partners now intend to dissolve their partnership and liquidate its affairs, with XXX continuing the business alone. YYY acknowledges receiving P337,000 as full settlement of her share and interest in the partnership. XXX also agrees to pay YYY's salary for May to July 2019 over the next few months. The rental deposits for the leased premises will remain with XXX solely.

Uploaded by

Patrick Lubaton
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Terms of Agreement
  • Partnership Dissolution Agreement
  • Agreement Execution

PARTNERSHIP DISSOLUTION AGREEMENT

KNOW ALL MEN BY THESE PRESENTS

This PARTNERSHIP DISSOLUTION AGREEMENT (Dissolution


Agreement) is entered into by and between XXX, Filipino, of legal age, and
residing at Prime One, Pasay City (First Partner) and YYY likewise a
Filipino citizen, of legal age, and with residence at Summit Condominium,
Pasay City (Second Partner). The parties to this agreement shall be
collectively known as the “Parties.”

WITNESSETH:

WHEREAS, SIKLAB TRADING is a business partnership with address at


Aurora Building, 20 President Avenue., Parañaque City.

WHEREAS, The Parties entered into a Partnership Agreement sometime in


April 15, 2019 and the Parties now intend to dissolve their partnership and
liquidate its affairs pursuant to a plan by which the First Party shall pay off
all the shares and participation of the Second Party in the business.

NOW THEREFORE, the Parties mutually enter into this Dissolution


Agreement and bind themselves, as follows:

1. The Parties agree to dissolve their Partnership, effective on July 1,


2019, and shall thereafter promptly liquidate and wind-up the affairs
they have with one another;

2. As such, the First Party shall continue the business, and the Second
Partner shall not transact any further business nor incur any further
obligations on behalf of the business partnership after the date of this
Agreement.
3. The Second Party acknowledges that she is in receipt of the amount
of P/337,000.00, paid to her satisfaction which shall constitute as the
full settlement of all her share, participation, and interest in the
partnership and thus hereby release and forever discharge one
another, effective the dissolution date, from any and all debts,
liabilities, obligations and claims in any way relating to the
partnership.

4. It is further agreed that the salary of the Second Party of P/1,000.00


daily for the period of May 2019 to July 2, 2019 shall be remitted to
her by the First Party between the months of August 1, 2019 to
October 2019, without need of further demand

5. It is also agreed by the Parties that the six months rental deposits
amounting to _________ and the two months security deposit
amounting to P/20,000.00 already paid to the landlord/owner of the
leased premises located at Aurora Building Parañaque City, shall
pertain exclusively to the First Partner. The Second Partner, by these
presents, hereby unequivocally waives his claim to the same.

6. Each of the parties covenants and agrees that he or she, and his or
her heirs, executors, administrators, successors and assigns will sign
such further agreements, assurances, waivers and documents, and
otherwise do and perform or cause to be done and performed such
further and other acts and things that may be necessary or desirable
from time to time in order to give full effect to this Agreement and
every part thereof.

7. This Dissolution Agreement shall enure to the benefit of and be


binding upon heirs, executors, successors and assigns of each of the
parties hereto respectively.

IN WITNESS WHEREOF the parties hereto have executed this Dissolution


Agreement as of the ____day of _______, _____ ;

PARTNERSHIP DISSOLUTION AGREEMENT KNOW ALL MEN BY THESE PRESENTS This PARTNERSHIP DISSOLUTION AGREEMENT (Dissolution A
3. The Second Party acknowledges that she is in receipt of the amount of P/337,000.00, paid to her satisfaction which shall

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