A Notice of Withdrawal from Partnership document can be used by a Partner who wishes to leave a Partnership voluntarily or by Partners who wish to eject a Partner from the Partnership involuntarily due to a breach of the Partnership Agreement.
By creating a written notice of the withdrawal, the Withdrawing Partner can protect themselves from future liability related to the Partnership and the Partnership can protect themselves from future liabilities created by the Withdrawing Partner.
This document should be used if the Partnership will remain in operation after the Withdrawing Partner leaves the Partnership. However, if the Partnership will be dissolved and cease operation, a Partnership Dissolution Agreement document should be used instead.
How to use this document
The Partnership Agreement governing the operation of the Partnership generally includes information about the methods and requirements related to a Partner's withdrawal from the Partnership. If there is a written Partnership Agreement, it can be helpful to have a copy available to reference while completing this document to be sure that the withdrawal conforms to the pre-established guidelines.
This document includes all of the necessary information needed for either a voluntary or involuntary withdrawal including the following:
In the case of a voluntary withdrawal, the Withdrawing Partner should complete this notice and then send copies of the notice by registered or certified mail to all of the remaining Partners at their last known addresses. If this document is being used to notify of an involuntary withdrawal, the remaining Partners should complete the document and then send a copy of the notice by registered or certified mail to the Partner who is required to withdraw from the Partnership.
Applicable law
Partnerships are organized under state law. All states allow Partners to withdraw from a Partnership at will -- absent any withdrawal restrictions -- by providing notice of the Partner's intent to withdraw. Most states refrain from defining adequate notice. Instead, they let the Partnership set withdrawal notification requirements in the Partnership Agreement. However, some states do mandate that the notice be provided in writing or provided a certain number of days in advance of the Partner's final day with the Partnership. Be sure to check for any state requirements that govern this withdrawal letter to ensure compliance with state law.
How to modify the template
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
Guides to help you
Notice of Withdrawal from Partnership - FREE - Template
Country: United States