Partnership Retirement Letter
Partnership Retirement Letter is used where a partner is retiring from an existing partnership. It is a formal notification from the retiring partner to the partnership of their intention to retire.
It is drafted to be used alongside Long Form Partnership Agreement and may need to be adapted if the underlying partnership agreement differs significantly from that standard form.
What does Partnership Retirement Letter do?
It gives formal notice of the partner’s intention to retire and records the key terms of the retirement, including the date the retirement is due to take effect.
What does Partnership Retirement Letter cover?
It covers matters including:
- the effective retirement date
- the terms of the retirement, including repayment of sums due to the retiring partner
- restrictions the retiring partner will comply with following retirement
- the assumption that the remaining partners will continue to run the partnership
When should you use Partnership Retirement Letter?
Use it when a partner is retiring and the partnership wants a clear written notice that sets out the intended retirement date and the agreed retirement terms.
What else you may need
This is intended as a standard form letter that the partnership provides to the retiring partner as the form the partnership expects to receive. The partnership should then follow up with Acknowledgement of Retirement Letter.
Partnership Retirement Letter is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.