Create your Free Notice of Withdrawal from Partnership
Frequently Asked QuestionsWhat is the difference between a voluntary and an involuntary withdrawal?A voluntary withdrawal is where a partner is voluntarily withdrawing from the partnership and wishes to give notice to the partnership. An example would be selling one's partnership interest to another party in order to retire.
An involuntary withdrawal is where a partner is withdrawn from the partnership without that partner's consent. Here the partnership is giving notice to that partner. Examples of involuntary withdrawal are: death of partner, incapacity of partner, disability of partner, incompetence of partner, breach of fiduciary duty by partner, criminal conviction of partner, operation of law against partner, and legal judgment against partner.