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Partnership Law Act 2019

Financial reporting, dissolution of partnership, and other miscellaneous provisions - End of partnership - How partnership may end

66: Partnership dissolved at end of term, by end of venture or undertaking, or by notice

You could also call this:

“Different ways a partnership can end: after a set time, when a project finishes, or when a partner says they want to stop”

A partnership can end in different ways. If you and your partners agreed to work together for a set time, the partnership ends when that time is up. If you all joined up to do one specific job or project, the partnership ends when that job is finished. If you didn’t set a time limit when you started, any partner can end the partnership by telling all the other partners they want to stop.

Sometimes, even if you set a time limit, you might keep working together after that time is up. If this happens, you still have some rights and duties, which are explained in another part of the law.

Remember, you and your partners can always make your own rules about how to end the partnership. These rules will be more important than the general ones in the law.

If a partner decides to end a partnership that doesn’t have a time limit, they need to tell everyone else. They can say when they want the partnership to end in their message. If they don’t say a date, the partnership ends on the day the other partners get the message.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206083.

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65: Duties do not apply if alternative financial reporting duties under Financial Markets Conduct Act 2013, or

"If your partnership already reports finances under another law, you don't need to do it again"

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67: Ending partnership at will, or

"How to stop being partners when you didn't set a time limit"

Part 4 Financial reporting, dissolution of partnership, and other miscellaneous provisions
End of partnership: How partnership may end

66Partnership dissolved at end of term, by end of venture or undertaking, or by notice

  1. A partnership is dissolved,—

  2. if entered into for a fixed term, at the end of the term:
    1. if entered into for a single venture or undertaking, by the end of the venture or undertaking:
      1. if entered into for an undefined time, by any partner giving notice to all the other partners of the partner’s intention to dissolve the partnership.

        1. However, see section 68, which provides for rights and duties to continue if a partnership that was entered into for a fixed term is continued at the end of the term.

        2. Subsection (1) is subject to any agreement between the partners.

        3. In the case of subsection (1)(c), the partnership is dissolved from—

        4. the date stated in the notice as the date of dissolution; or
          1. if no date is stated, the date on which the notice is received by the other partner or partners.

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