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Deed Of Retirement From Partnership
"I need a Deed of Retirement from Partnership for a senior partner retiring from our law firm in Pakistan, effective March 1, 2025, with provisions for ongoing consultancy services for 6 months and a phased payment structure for the settlement amount."
1. Parties: Identification of all current partners including the retiring partner and continuing partners
2. Background: Brief history of the partnership, reference to original partnership deed, and context of retirement
3. Definitions: Key terms used in the deed including 'Retirement Date', 'Partnership', 'Partnership Assets', etc.
4. Date of Retirement: Specific date when the retiring partner will cease to be a partner
5. Settlement of Accounts: Details of the financial settlement, including capital account, profit share, and payment terms
6. Release of Liabilities: Mutual release of future liabilities between retiring partner and continuing partners
7. Return of Partnership Property: Provisions for return of any partnership property held by retiring partner
8. Confidentiality Obligations: Ongoing confidentiality obligations of the retiring partner
9. Non-Competition Covenant: Restrictions on retiring partner's future business activities
10. Public Notice: Requirements for public notification of retirement
11. Governing Law: Specification of Pakistani law as governing law
12. Execution: Signature blocks and attestation requirements
1. Intellectual Property Rights: Required when the retiring partner has been involved in creating IP for the partnership
2. Ongoing Consultancy: Used when retiring partner will continue to provide services in advisory capacity
3. Insurance and Indemnification: Needed when there are specific insurance or indemnity arrangements for past actions
4. Client/Customer Transition: Required when retiring partner had significant client relationships requiring formal handover
5. Outstanding Loans: Needed when there are loans between the partnership and retiring partner
6. Tax Indemnity: Required when there are specific tax implications or potential liabilities
7. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction
1. Schedule 1 - Financial Statement: Detailed statement of accounts showing partner's capital account and financial entitlements
2. Schedule 2 - Payment Schedule: If payment is to be made in installments, detailed payment terms and dates
3. Schedule 3 - Partnership Assets: List of partnership assets and their agreed values
4. Schedule 4 - Client List: List of clients/customers and agreed arrangements for transition
5. Appendix A - Original Partnership Deed: Copy of the original partnership deed and any amendments
6. Appendix B - Calculation of Final Settlement: Detailed calculations showing how final settlement amount was determined
Authors
Professional Services
Legal Services
Accounting and Financial Services
Medical Practices
Architecture and Design
Engineering Consultancy
Real Estate
Retail
Manufacturing
Information Technology
Construction
Trading and Distribution
Agricultural Partnerships
Management Consultancy
Legal
Finance
Compliance
Operations
Administration
Risk Management
Business Development
Corporate Governance
Partner Relations
Document Management
Managing Partner
Senior Partner
Partnership Director
Legal Counsel
Company Secretary
Chief Financial Officer
Financial Controller
Business Manager
Operations Director
Compliance Officer
Risk Manager
Partnership Administrator
Account Manager
Business Development Manager
General Counsel
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