The Partnership Termination Agreement is a crucial document used when partners decide to formally end their business relationship in the Philippines. It is essential for partnerships dissolving due to mutual agreement, completion of purpose, retirement of partners, or other circumstances as provided under Philippine law. This document must comply with the Civil Code of the Philippines (particularly Articles 1767-1888), the Code of Commerce, and other relevant regulations governing partnership dissolution. The agreement typically includes comprehensive provisions for asset distribution, liability settlement, confidentiality obligations, and mutual releases. It serves as a formal record of the partnership's dissolution and helps prevent future disputes by clearly documenting the terms of separation and each partner's rights and obligations during and after the termination process.
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1. Parties: Identification of all partners involved in the termination agreement
2. Background: Brief history of the partnership, reference to original partnership agreement, and reasons for termination
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specification of the effective date of partnership termination
5. Settlement of Accounts: Process for settling all partnership accounts, including outstanding debts and receivables
6. Asset Distribution: Details of how partnership assets will be distributed among partners
7. Liabilities and Obligations: Allocation of existing liabilities and ongoing obligations
8. Final Accounting: Requirements for final partnership accounting and financial statements
9. Release and Discharge: Mutual release of claims between partners
10. Confidentiality: Ongoing obligations regarding confidential information
11. Governing Law: Confirmation of Philippine law as governing law
12. Execution: Signature blocks and execution requirements
1. Intellectual Property Rights: Division of intellectual property rights, if any exist
2. Employee Matters: Handling of employment relationships if the partnership has employees
3. Tax Matters: Specific tax arrangements and obligations, if complex tax implications exist
4. Non-Compete Provisions: Restrictions on future business activities, if agreed upon
5. Dispute Resolution: Specific dispute resolution mechanisms, if partners want alternatives to court litigation
6. Insurance: Arrangements regarding existing insurance policies
7. Bank Accounts: Specific provisions for handling partnership bank accounts
8. Ongoing Projects: Handling of incomplete projects or contracts
9. Public Announcements: Protocol for making public announcements about the termination
1. Schedule A - Asset Inventory: Detailed list of all partnership assets and their agreed values
2. Schedule B - Distribution Plan: Detailed breakdown of how specific assets will be distributed
3. Schedule C - Outstanding Liabilities: List of all partnership debts and obligations
4. Schedule D - Client List: List of clients and handling of ongoing client relationships
5. Schedule E - Contracts List: List of all contracts and their disposition
6. Appendix 1 - Final Balance Sheet: Final financial statements of the partnership
7. Appendix 2 - Tax Clearance: Relevant tax clearances and certificates
8. Appendix 3 - Partner Resolutions: Copies of partner resolutions approving the termination
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Real Estate
Retail
Food and Beverage
Construction
Agriculture
Manufacturing
Technology
Consulting
Healthcare
Legal Services
Accounting Services
Trading
Transportation
Tourism
Relevant Teams
Legal
Finance
Compliance
Corporate Secretariat
Risk Management
Operations
Business Development
Partnership Management
Executive Leadership
Administrative
Relevant Roles
Managing Partner
Business Owner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Secretary
Business Development Manager
Partnership Manager
Operations Director
Finance Director
Compliance Officer
Risk Manager
General Manager
Managing Director
Partner Relations Manager
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