Partnership Retirement Letter
This Partnership Retirement Letter is intended to be used where a partner is retiring from an existing partnership. It is formal notification from the partner to the partnership of his/her intention to retire from the partnership. It has been drafted to be used in conjunction with our Long Partnership Agreement and therefore will need to be adapted if the underlying partnership agreement varies significantly from our standard form.
This letter, as well as specifying the partner’s intention to retire, states the date the retirement is due to take effect as well as the terms of the retirement, particularly how the retiring partner will be re-paid any sums due to him/her and the restrictions that the partner will abide by following his/her retirement. It assumes that the remaining partners will continue to run the partnership following the retirement.
This is a standard form letter which should be given to the retiring partner as the form the partnership expects to receive on their retirement. The partnership should follow this up with the Partnership’s Acknowledgement of Retirement Letter .
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Partnership Retirement Letter is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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