When you dissolve your partnership business structure you may have to comply with different or additional requirements.

Ways to dissolve a business partnership

There are different ways to dissolve a business partnership:

  • the partnership term as stated in the formal partnership agreement expires
  • one partner gives written notice to the other partners to exit the partnership
  • one or more partners can no longer legally own a business
  • a court issues a court order to dissolve the business
  • a partner becomes bankrupt
  • one of the partners dies
  • the business is bankrupt or insolvent

What to do

  • If the partnership continues with the remaining partners or new partners, follow the change of ownership steps.
  • If the partnership decides to close the business and cease trading, follow the guidelines to close your business.

Legislation to dissolve a partnership

The formal partnership agreement will dictate the terms and conditions to dissolve a partnership.

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