A Sale Of Partnership Interest Agreement is essential when a partner wishes to exit a partnership by selling their interest to either existing partners or third parties. This document, governed by English and Welsh law, outlines the terms of sale, including valuation methods, payment terms, and any continuing obligations. It's particularly crucial for ensuring a smooth transition while maintaining the partnership's stability and protecting all parties' interests. The agreement must comply with the Partnership Act 1890 and address tax implications, liability transfers, and any necessary consents from continuing partners.
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1. Parties: Identification of seller, buyer, and partnership entity
2. Background: Context of the sale and current partnership structure
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transfer of partnership interest
5. Purchase Price: Amount and payment terms
6. Completion: Transfer process and timing
7. Warranties: Seller's representations about the partnership interest
1. Due Diligence: Specific pre-completion investigations requirements for complex transactions or high-value deals
2. Non-compete: Restrictions on seller's future business activities when protecting partnership's business interests
3. Tax Indemnities: Specific tax-related protections for complex tax implications
4. Employees: Treatment of partnership employees when sale affects employment relationships
1. Partnership Assets: Detailed list of partnership property and assets
2. Partnership Accounts: Recent financial statements and accounts
3. Outstanding Liabilities: List of current partnership obligations
4. Completion Requirements: Detailed checklist of completion deliverables
5. Warranties: Detailed warranties given by seller
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