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Ending Partnership Agreement
"I need an Ending Partnership Agreement for dissolving a two-partner accounting firm in Hong Kong, with an equal 50-50 split of all assets and clients, to be effective from March 1, 2025."
1. Parties: Identification of all partners involved in the dissolution, including their full legal names and addresses
2. Background: Brief history of the partnership, reference to original partnership agreement, and reason for dissolution
3. Definitions: Key terms used throughout the agreement
4. Dissolution Date: Specific date when the partnership will be dissolved and cease operations
5. Final Accounting: Agreement on the final accounting of partnership assets, liabilities, and profit/loss distribution
6. Asset Distribution: Detailed provisions for the division and transfer of partnership assets
7. Liability Settlement: Arrangements for settling outstanding debts and liabilities
8. Client and Contract Transfer: Provisions for handling existing clients and ongoing contracts
9. Mutual Release: Partners' mutual release from future claims related to the partnership
10. Confidentiality: Ongoing obligations regarding confidential information
11. Post-Dissolution Obligations: Partners' continuing duties after dissolution
12. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Intellectual Property Rights: Used when the partnership owns or uses significant IP assets that need to be distributed or licensed
2. Employee Arrangements: Required when the partnership has employees who need to be terminated or transferred
3. Non-Compete Provisions: Include when partners agree to restrictions on future business activities
4. Insurance Matters: Needed when dealing with ongoing insurance policies or claims
5. Tax Arrangements: Include when specific tax planning or allocation is required
6. Property Lease Arrangements: Used when the partnership holds commercial leases that need to be assigned or terminated
7. Dispute Resolution: Include detailed arbitration or mediation procedures if partners want alternative dispute resolution mechanisms
1. Schedule 1 - Asset Register: Comprehensive list of all partnership assets and their agreed distribution
2. Schedule 2 - Liability Register: List of all partnership liabilities and responsibility for settlement
3. Schedule 3 - Client List: Details of all clients and their allocation between partners
4. Schedule 4 - Outstanding Projects: List of ongoing projects and their handling post-dissolution
5. Schedule 5 - Financial Statement: Final balance sheet and profit/loss statement
6. Schedule 6 - Settlement Payments: Details of any settlement payments between partners
7. Appendix A - Handover Protocol: Detailed procedures for transferring assets, clients, and responsibilities
Authors
Professional Services
Legal Services
Accounting & Audit
Medical Practices
Architecture & Design
Management Consulting
Real Estate
Financial Services
Engineering
Information Technology
Retail
Food & Beverage
Construction
Trading & Distribution
Legal
Finance
Compliance
Operations
Administration
Risk Management
Corporate Secretarial
Business Development
Asset Management
Human Resources
Managing Partner
Senior Partner
Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Business Development Manager
Operations Director
Finance Manager
Compliance Officer
Risk Manager
Partnership Administrator
Account Manager
Business Owner
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