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Dissolution Of A Partnership

Dissolution can occur because the partners have decided to go their own way, because a partnership set up for a fixed time has run its course or, more usually, because there is no partnership agreement and one of the partners wants to leave or other partners want to expel him or her. It will automatically occur where one partners dies or is made bankrupt where there is no partnership agreement.

If dissolution occurs for whatever reason there are a number of issues relating to partnership law that must be considered.  These include:

• How are the assets divided up?
• Who is responsible for the liabilities?
• Who gets the name?
• What happens to Work in Progress (WIP)?
• Who gets the customer / client lists?
• What happens to the employees?
• Who prepares the final accounts?
• Who pays for Continuing Professional Indemnity Insurance (if applicable)

At Ralli Partnership Law we have extensive experience of dissolving partnerships. Please contact us for a free consultation.