Leaving a Business Partnership: Notice and Proposed Exit Terms
Want to leave or end a business partnership? A formal notice to your partners that relies on your partnership agreement's exit clause or, where there is none and no fixed term, on your state's Partnership Act, with the end date, plus proposed exit terms for discussion: who keeps what, the debts, your share, clients, the business name, the bank account and telling customers and suppliers. Ready in about 5 minutes.
What this document does
- A formal notice to every other partner, relying on your partnership agreement's exit clause, quoted as you give it, or on your state's Partnership Act where there is none and no fixed term.
- States the date the partnership ends or you leave, worked out from any notice period in your agreement.
- Proposed exit terms for discussion: who keeps each asset, how each debt is dealt with, and your share.
- Covers final accounts, clients, contracts and staff, the business name, the bank account and registrations.
- Includes telling customers and suppliers, and the public notice rule of your state or territory.
- Delivered as PDFs you check, sign and give to each partner yourself, in the way your agreement requires.
What we'll ask you
Plain-English questions, one at a time. No legal knowledge needed — if you don't know an answer exactly, your best estimate is fine.
- How is the business set up?
- What do you want to do?
- Is there a written partnership agreement, and does it say how a partner can leave or end the partnership?
- Your full name as a partner (the notice is signed by you).
- The full name of each other partner.
- Is there a court order, police order or intervention order that stops you contacting any of the other partners?
- The business name, its ABN if it has one, and what the business does and where.
- If there is a written partnership agreement: its title and date, and the clause about leaving or ending it, quoted with its number and any notice period. Skip this if there is none.optional
- The date you want the partnership to end, or you to leave. It must allow any notice period in your agreement.
- Do you want the notice to give a short reason? You can skip this.optional
- The business's main assets and who you propose keeps each: equipment, vehicles, stock, cash at bank, money owed by customers.
- The business's debts and how you propose each is paid or taken over: loans, suppliers, leases, credit cards.
- What do you propose for your share? For example an amount paid to you and when, a valuation by an accountant, or selling the business and dividing what is left.
- Clients, contracts and employees: who deals with each after the end date? You can skip this.optional
- The business name, website, phone number, social media and other intellectual property: who keeps them? You can skip this.optional
- Who prepares the final accounts to the end date? You can skip this.optional
- You review it first · Nothing is sent to anyone else
- 2 free amendments included
- All Australian states and territories
- Stripe secured · 256-bit encrypted
The Partnership Act in your state
Each state and territory has a Partnership Act. Where no fixed term was agreed and the partnership agreement does not say otherwise, a partner can end the partnership by notice. The notice follows the Act where the business is carried on.
New South Wales
A partnership with no fixed term can be ended by notice to the other partners (s 26(1) and s 32(c) of the Partnership Act 1892 (NSW)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 36(1))
Public notice: Any partner may give public notice (s 37)
Victoria
A partnership with no fixed term can be ended by notice to the other partners (s 30(1) and s 36(c) of the Partnership Act 1958 (Vic)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 40(1))
Public notice: Required: one of the partners must publicly notify it in the Government Gazette and in at least one newspaper circulating in each district in which the firm carries on business (s 41)
Queensland
A partnership with no fixed term can be ended by notice to the other partners (s 29(1) and s 35(1)(c) and (2) of the Partnership Act 1891 (Qld)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 39(1))
Public notice: Any partner may give public notice (s 40)
Western Australia
A partnership with no fixed term can be ended by notice to the other partners (s 37(1) and s 43(c) of the Partnership Act 1895 (WA)), given in writing, subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 47(1))
Public notice: Any partner may give public notice (s 48)
South Australia
A partnership with no fixed term can be ended by notice to the other partners (s 26(1) and s 32(c) of the Partnership Act 1891 (SA)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 36(1))
Public notice: Any partner may give public notice (s 37)
Tasmania
A partnership with no fixed term can be ended by notice to the other partners (s 31(1) and s 37(c) of the Partnership Act 1891 (Tas)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 41(1))
Public notice: Any partner may give public notice (s 42)
Australian Capital Territory
A partnership with no fixed term can be ended by notice to the other partners (s 31(1) and s 37(1)(c) and (2) of the Partnership Act 1963 (ACT)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 41(1))
Public notice: Any partner may give public notice (s 42)
Northern Territory
A partnership with no fixed term can be ended by notice to the other partners (s 30(1) and s 36(1)(c) and (2) of the Partnership Act 1997 (NT)), subject to the partnership agreement.
Customers and suppliers: They may treat the old partners as partners until they have notice of the change (s 40(1))
Public notice: Required: a partner must notify it in the Gazette and in a newspaper circulating in the area in which the firm carries on business (s 41(1))
From your answers to a finished Partner Exit Notice in three steps
Answer 16 quick questions
Who it’s about, what happened and what you want. Plain English, one question at a time.
We draft your notice and proposed exit terms
Your notice to your partners and your proposed exit terms are drafted from your answers, then formatted as professional PDFs. Usually ready within about five minutes.
Review, confirm, receive
The draft lands in your dashboard for you to read. Change anything that isn't right (two free amendments), confirm it, and we email you the final PDF. Nothing is sent to anyone else.
Ready? Start now.
No card required until the end. No account needed to start.
Start My Notice — $49 →$49 flat fee · You review it first · 2 edits included
Everything about the Leaving a Business Partnership: Notice and Proposed Exit Terms
How much does the Partner Exit Notice cost?
A flat $49 AUD, including GST. There is no card required to start, no subscription and no hourly rate — you see the full summary of your answers before you pay.
How long does it take?
There are 16 questions, which take a few minutes to answer. The draft is usually ready in about 5 minutes after payment, any time of day.
When do I get the document?
The draft of your Leaving a Business Partnership: Notice and Proposed Exit Terms is usually ready in about 5 minutes. You read it on your dashboard and can change the wording; once you confirm it, the final PDF is available to download and emailed to you.
What if I need changes?
You read the full Partner Exit Notice on your dashboard first. You can change the wording or ask for a redraft, with 2 edits included, then confirm it and the final PDF is yours to download and keep.
Does it work in my state?
Yes, in every state and territory, for a partnership of individuals. The notice follows the Partnership Act of the state or territory where the business is carried on, unless your partnership agreement has its own exit clause.
Can I end a partnership just by giving notice?
Under each state and territory's Partnership Act, where no fixed term was agreed, a partner can end the partnership by giving notice to the other partners, subject to any agreement between the partners. It ends from the date in the notice, or if none, from when the notice is communicated. If your partnership agreement has an exit clause, the notice relies on that clause instead.
Are the exit terms binding?
No. They are a proposal for discussion, and they say they are not binding until all the partners sign a written agreement.
Why tell customers and suppliers?
Under the Partnership Act, a person who deals with the firm after a change may treat the old partners as still being partners until they have notice of the change. In Victoria and the Northern Territory, the Act also requires public notice in the Gazette and a newspaper.
Is it for a company or shareholders?
No. It is for a partnership of individuals. Leaving a company is dealt with under its constitution, any shareholders agreement and the Corporations Act 2001 (Cth).
Does it deal with tax?
No. The proposed exit terms say they do not deal with the tax position of the partnership or any partner.
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Put it in writing today.
A few quick questions and your Leaving a Business Partnership: Notice and Proposed Exit Terms is drafted for your state. No card required until the end.
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