Getting out of a partnership without a contract The business partners should sign a partnership agreement that spells out how the business will be run, how the profits and losses will be split, what will happen if the partnership breaks up, and other important details. In cases where there isn't a partnership agreement or some of the terms aren't clear enough about how to end the partnership, the Partnership Act 1961 comes into play. Breakup of a relationship By expiration of time or notice Section34. (1) A partnership ends, unless the partners agree otherwise: (a) if it was made for a set amount of time, when that time is up; (b) if it was made for a single adventure or project, when that project is done; or (c) if it was made for an unspecified amount of time, when one partner tells the other or others that he wants to end the partnership. (2) In the last case, the partnership ends on the date specified in the notice or, if no date is specified, on the date the notice is se...