The Partnership Agreement Termination Letter is a crucial document used when partners decide to end their business relationship in Singapore. It must comply with the Partnership Act (Chapter 391) and other relevant Singapore legislation. This document is typically used when partners mutually agree to dissolve their partnership or when one partner exercises their right to terminate under the original agreement. It should detail the termination date, reason for dissolution, asset distribution plan, ongoing obligations, and any transition arrangements. The letter serves as official documentation of the partnership's end and helps prevent future disputes by clearly stating the terms of separation.
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1. Date and Addressee Details: Full partnership name, registered address, and all partners' names
2. Reference to Original Agreement: Details of the original partnership agreement including date and parties
3. Notice of Termination: Clear statement of intention to terminate the partnership
4. Effective Date: Specific date when the termination takes effect
5. Reason for Termination: Brief explanation of termination grounds if applicable
1. Transition Plan: Details of business handover process, use when complex operations need transferring
2. Outstanding Obligations: List of pending duties or payments, include if there are unresolved matters
3. Non-Compete Reminder: Reference to existing non-compete clauses, include if in original agreement
1. Asset Distribution Schedule: Detailed list of partnership assets and their agreed distribution
2. Financial Settlement Statement: Summary of final accounts and financial settlements between partners
3. Client Transfer List: List of clients and their reassignment details if applicable
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