Partnership Dissolution Agreement
Agreement made on the (date), between (Name of Partner A) of (street address,
city, county, state, zip code), referred to herein as Partner A, and (Name of Partner B),
of (street address, city, county, state, zip code), referred to herein as Partner B.
Whereas, the parties have carried on as partners a Law Practice at (street
address, city, county, state, zip code), in accordance with a Partnership Agreement
dated (date); and
Whereas, a true and correct copy of said Partnership Agreement is attached
hereto as Exhibit A and made a part hereof by reference; and
Whereas, Partner B has agreed to permit Partner A to withdraw from the
Partnership with Partner B to continue the Partnership business.
Now, therefore, for and in consideration of the mutual covenants contained in this
Agreement, and other good and valuable consideration, the parties agree as follows:
1. Dissolution. The Partnership which heretofore existed between the parties is
hereby dissolved, effective as of the close of business on (date).
2. Transfer by Partner A. In consideration for Partner B's execution of this
Agreement, effective as of the date of dissolution, Partner A hereby assigns and
transfers to Partner B all his right, title, and interest in and to all Partnership assets,
including bank balances, accounts receivable, claims, furniture, fixtures, supplies,
equipment, library, correspondence, contracts, records, research material, leases, trade
name, and books of account.
3. Assumption of Liabilities. Effective as of the date of dissolution and except as
hereinafter set forth, Partner B hereby assumes all the debts and obligations of the
Partnership and shall indemnify and hold Partner A harmless from all claims in respect
of the Partnership business.
4. Accounting. The books of the Partnership shall be closed as of the date of
dissolution and an account taken of all Partnership affairs. The account shall be
prepared by (name of accounting firm), the accountants for the Partnership, in
accordance with the regular accounting practices of the Partnership, and when certified
to the parties, such account shall be conclusive and binding upon them for all purposes.