Termination of Partnership Letter
January 23, 2053
Thomas Cowart
2850 Murphy Court
Portland, OR 97218
Dear Thomas,
I am writing to inform you that, after mutual discussion and agreement, we have decided to terminate our partnership effective February 1, 2053. Our partnership, known as "Scoggins & Cowart Consulting Services," has been in operation since January 1, 2050.
The decision to terminate the partnership stems from our divergent long-term business objectives. We believe that this decision is in the best interest of both parties and will allow each of us to pursue our respective goals independently.
As part of the termination, we have agreed to the following terms:
Distribution of Assets and Liabilities:
The assets of the partnership, including office equipment and client lists, will be divided equally between both partners. Liabilities will be settled in accordance with the partnership agreement.
Final Accounting:
A final accounting will be conducted by a certified accountant to ensure a fair and accurate assessment of the financial standing of the partnership. Any remaining profits or losses will be distributed accordingly.
Closure of Business Affairs:
Both partners will be responsible for notifying clients and vendors of the partnership's termination. All outstanding invoices and payments will be settled before the termination date.
This letter serves as our formal agreement to terminate the partnership. Both parties agree to cooperate in a timely and amicable manner to ensure a smooth transition.
Thank you for your cooperation.
Sincerely,
Mary Scoggins
