A deed of retirement from partnership sets out the terms on which one or more of the partners cease to be members of that partnership. It should not be used where there is a partnership involving two partners and one is retiring, as it assumes that a partnership will continue after the retirement of one of the partners. This deed of retirement from partnership contains a restraint (see clause 5). This clause states that the retiring partner must not: carry on or be involved in a business similar to, or in competition with, the partnership; or use, disclose or communicate any confidential information relating to the partnership. If the partners negotiate that there is to be no restraint then this clause should be deleted.
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You will need the following information to generate your document:
- Name of retiring partner
- Address of retiring partner
- Date of retirement
LegalVision’s LVDox™ Free Deed of Retirement from Partnership sets out:
arrangements for the assets, liabilities, profits and losses of the Partnership:
- a basic indemnity clause; and
- basic GST, assignment, waiver and governing law clauses.
The LVDox™ Free Deed of Retirement from Partnership is suitable for the retirement of a very basic partnership. If your partnership is a little more complex, it’s important that you have a lawyer assist you to draft the following clauses:
- a sophisticated retirement clause;
- a sophisticated dispute resolution clause;
- a clause setting out insurance requirements; and
- additional provisions in related to the rights, responsibilities and obligations of the partners, particularly if an agreement has been reached on particular issues.