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Business Partnership Separation Agreement
"I need a Business Partnership Separation Agreement for a retail business in Manila, where two equal partners are separating amicably and want to divide their chain of three stores, with Partner A taking two stores and Partner B taking one store plus additional monetary compensation, with the separation to be effective March 1, 2025."
1. Parties: Identification of all partners involved in the separation agreement, including their full legal names, addresses, and business roles
2. Background: Brief history of the partnership, including formation date, nature of business, and reason for separation
3. Definitions: Definitions of key terms used throughout the agreement
4. Effective Date of Separation: Specific date when the partnership separation becomes effective
5. Division of Assets and Liabilities: Detailed breakdown of how partnership assets and liabilities will be distributed among partners
6. Financial Settlement: Terms of any financial settlements between partners, including payment schedules and methods
7. Business Name and Intellectual Property: Provisions regarding the use of business name, trademarks, and other intellectual property post-separation
8. Client and Contract Assignment: Distribution and handling of existing clients, contracts, and ongoing projects
9. Confidentiality and Non-Disclosure: Obligations regarding confidential information and trade secrets
10. Release and Discharge: Mutual release of claims and liabilities between partners
11. Tax Provisions: Handling of tax liabilities and obligations
12. Governing Law: Confirmation that the agreement is governed by Philippine law
13. Dispute Resolution: Process for resolving any disputes arising from the separation
14. Execution: Signature blocks and execution requirements
1. Non-Compete Provisions: Restrictions on competitive activities, if agreed upon by the parties
2. Employee Arrangements: Provisions for handling employees if the partnership has staff
3. Insurance Matters: Handling of business insurance policies and claims
4. Outstanding Loans and Debts: Specific provisions for handling any loans or debts between partners
5. Property Lease Arrangements: Provisions regarding any leased property or premises
6. Transition Period: Terms for a transition period if required for smooth business separation
7. Future Cooperation: Terms for any required future cooperation or assistance
8. Public Announcements: Guidelines for making public announcements about the separation
1. Schedule A - Asset Distribution: Detailed list of all partnership assets and their agreed distribution
2. Schedule B - Liability Allocation: Comprehensive list of all liabilities and their allocation between partners
3. Schedule C - Client List: List of clients and their allocation between partners
4. Schedule D - Intellectual Property: Detailed inventory of intellectual property and its distribution
5. Schedule E - Outstanding Contracts: List of ongoing contracts and their assignment
6. Schedule F - Payment Schedule: Detailed schedule of any payments to be made between partners
7. Appendix 1 - Partnership Documents: Copies of original partnership agreement and relevant amendments
8. Appendix 2 - Financial Statements: Recent financial statements and accounts of the partnership
Authors
Retail
Professional Services
Manufacturing
Technology
Real Estate
Food and Beverage
Construction
Healthcare
Education
Agriculture
Consulting
Financial Services
Media and Entertainment
Transportation and Logistics
Tourism and Hospitality
Legal
Finance
Compliance
Corporate Governance
Risk Management
Operations
Business Development
Executive Leadership
Administrative
Corporate Affairs
Business Owner
Managing Partner
CEO
CFO
Legal Counsel
Business Development Manager
Operations Director
Finance Director
Corporate Secretary
Compliance Officer
Risk Manager
Partnership Manager
Business Manager
General Manager
Executive Director
Find the exact document you need
Business Partnership Separation Agreement
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A Philippine law-governed agreement that formally terminates an existing contract by mutual consent, outlining termination terms and final settlements.
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