This is a memorandum setting out the policy and procedure when a partner withdraws from a law firm. Topics covered include: Informing the firm, informing clients, confidentiality, obligations to the firm regarding time entries and billing, office and personal property, personal account with the firm, and benefits.
New Jersey Developing a Policy Anticipating the Voluntary Withdrawal of Partners
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US-L06031E
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Withdrawal from a partnership is achieved by serving a written notice ending the involvement of a particular partner in the partnership for one reason or another. Notice of Withdrawal from Partnership Form (US) - LawDepot LawDepot ? contracts ? partnership-with... LawDepot ? contracts ? partnership-with...
Removing Your Name from a Partnership Dissolve your business. If there is no language in your operating agreement stating otherwise, this will be your only name-removal option. ... Change your business's name. ... Use a doing business as (DBA) name.
Dissolving the Partnership If a partner's departure triggers an end to the partnership, the partners will need to follow a dissolution procedure. In this case, the partnership will settle its debts and distribute any remaining assets to the partners?including the withdrawing partner?ing to their capital accounts.
If there is no agreement in place, partners will need to be able to work out terms together when they want to part ways ? which can be tricky if the reason the partnership is breaking up comes down to an inability to see eye-to-eye. If the partners can't agree, mediation is often a smart strategy.
As we said, simply leaving the partnership is almost never sufficient. Usually, you cannot remove your own liability without cancelling or renegotiating the relevant loan, lease, or contract. We like straightforward contracts that clearly release you from any and all obligations, and will pursue those when possible.