When a partnership ends, whether through a third party sale, buy-out or otherwise, a formal partnership dissolution is required. The Partnership Dissolution Agreement identifies the partner the partner who oversees the dissolution, and specifies that partner’s duties, including:
- identifying, apportioning and paying remaining partnership liabilities;
- identifying, apportioning and paying remaining partnership assets;
- locating, apportioning and distributing any undiscovered partnership assets; and
- completing final partnership tax returns and regulatory filings.
Dissolution documentation is included in flat rate partnership buy-outs, and otherwise is available at hourly rates. Joint partnership representation may be available at flat rates only with attorney’s consent and clients’ conflict of interest disclosures and consent – see FAQ: Joint Legal Representation for further details.