This Termination by Liquidation and Dissolution Agreement is for use when the owners (shareholders) of a professional corporation decide to terminate their relationship by liquidating all assets.

This agreement sets out how any liabilities will be divided, if there were multiple business locations and how any corporate loans or taxes will be repaid. In addition, this agreement specifically sets forth how customer/client records will be returned and that the parties agree not to open a business which may compete with the other for a set time period.

This Termination by Liquidation and Dissolution Agreement contains the following provisions:

• Explanation Statement: Identifies the parties who own 50% of the stock, location of any offices and that the parties desire to terminate their professional relationship and liquidate and dissolve the corporation;
• Dissolution: Stockholders and directors shall take the appropriate action to file documentation to dissolve and liquidate the corporation;
• Leases: Each party will cause a release to be executed by any landlord on the premises in which either office is located;
• Assets/Liabilities: All assets and liabilities will be categorized and listed on an exhibit to be incorporated with this agreement;
• Records: Sets forth how records of any clients or patients will be turned over to the individual;
• Closing: Sets forth the date, time and location of the closing of this transaction;
• Signatures: Both parties must sign this agreement.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:

1. General Information
2. Instructions and Checklist
3. Termination by Liquidation and Dissolution Agreement

State Law Compliance: This form complies with the laws of all states