Dissolving a business partnership is easiest if you have a partnership agreement. A detailed partnership agreement will govern things such as:
Circumstances where a partnership may be dissolved;
How partners will decide whether to dissolve;
How the partners will pay outstanding debts and taxes;
How the partners will divide remaining partnership assets and funds;
What the partners’ responsibilities will be in winding up the partnership; and
Whether and on what terms other partners can continue with the business after the partnership is dissolved.