About this document
This Deed of Retirement will officially relieve a partner from his responsibilities in a partnership. The document has been drawn to address a situation where the retiring partner leaves voluntarily – there are set procedures if the partner is forced to leave.
The document is fit for use in any kind of partnership business – service, trading or manufacturing irrespective of size of the business or industry type.
This document comes with a supplementary document in the form of a letter of resignation from the outgoing partner, which is helpful in retaining and saving the bonafide character of the arrangement and is useful as a safeguard to a potential post retirement dispute being raised in a court of law by the retiring partner.
Application and features
- All usual basic provisions to protect the interests of the partnership business;
- Complete with explanatory notes;
- Real law in plain English.
- Relinquishment by the retiring partner of any property owned by the partnership business;
- New Shareholding pattern in partnership specified;
- Liabilities of the departing and continuing partners clearly defined;
- Confidentiality and Intellectual Property Rights;
- Compensation for retiring partner;
- Power of attorney and undertaking by retiring partner;
- Partnership shares in the new arrangement;
- Banking and accounts;
- Compensation or no compensation as the case may be;
- Dispute resolution;
- Declarations of the retiring partner.
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