Document background
The Partnership Agreement Termination Letter is a crucial document used when one or more partners decide to formally end their business relationship in Nigeria. This document is essential when partners wish to dissolve their partnership in accordance with the Partnership Act 1890 and CAMA 2020. It should be used when there is mutual agreement to terminate, when a partner exercises their right to dissolve the partnership, or when circumstances necessitate partnership dissolution. The letter typically includes specific details about asset distribution, liability settlement, client transition, and final accounting processes. It serves as official documentation of the partnership's end and helps prevent future disputes by clearly stating the termination terms and conditions. The document must be drafted in compliance with Nigerian partnership law requirements and should address all relevant tax and regulatory obligations.
