Partnership Termination Considerations
This paragraph covers how you would make a decision to terminate the partnership completely. It then gives an overview of how the affairs of the partnership would be wound up and all the assets distributed to the partners.
It's kind of like having a prenuptial agreement. You hate to think of something terminating, especially if you're just starting up. But if things get to the point where the partnership needs to be dissolved, it helps to have agreed to guidelines for doing so when everyone was thinking clearly and any emotional issues that might be present in a breakup are not clouding decisions on what steps you need to take to wind things up.
Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.