The Partnership Sale Agreement is essential when a partner wishes to exit a business partnership by selling their interest to another party. This comprehensive document, governed by U.S. federal and state laws, details the complete transaction, including the value of the partnership interest, payment terms, warranties, and any continuing obligations of the selling partner. It's crucial for ensuring a smooth transition of ownership while protecting all parties' rights and obligations. The agreement should comply with applicable state partnership laws and may require additional regulatory approvals depending on the industry and jurisdiction.
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1. Parties: Identification of selling and purchasing partners, including full legal names and addresses
2. Background/Recitals: Context of the partnership and reason for sale
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including partnership interest being sold and purchase price
5. Payment Terms: Structure and timing of payments
6. Closing Conditions: Prerequisites that must be met before the sale can complete
7. Representations and Warranties: Statements of fact and assurances from both parties
8. Governing Law: Jurisdiction and applicable law
1. Non-Compete Provisions: Restrictions on seller's future business activities - use when protecting business interests is crucial
2. Transition Services: Terms for seller's continued involvement post-sale - use when seller's expertise is needed for transition
3. Employee Matters: Provisions regarding existing employees - use when partnership has employees
4. Intellectual Property: Transfer of IP rights - use when partnership owns significant IP
1. Partnership Assets Schedule: Detailed list of partnership assets included in sale
2. Financial Statements: Recent financial records of the partnership
3. Client Lists: Schedule of current clients and contracts
4. Due Diligence Documents: Supporting documentation and verifications
5. Existing Liabilities: List of outstanding debts and obligations
Relevant legal definitions
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