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Sale Of Partnership Agreement
"I need a Sale of Partnership Agreement for my exit from a law firm partnership in Mumbai, where I'm selling my 25% stake to two existing partners equally, with completion planned for March 15, 2025, and I want a clean break with no ongoing obligations."
1. Parties: Identifies the selling partner(s), purchasing partner(s), and continuing partners (if any)
2. Background: Describes the existing partnership, its business, and the context for the sale
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Details the partnership interest being sold and purchased
5. Purchase Price: Specifies the consideration and payment terms for the partnership interest
6. Completion: Sets out the completion date and actions required at completion
7. Seller's Representations and Warranties: Warranties regarding partnership interest, authority to sell, and business condition
8. Buyer's Representations and Warranties: Warranties regarding authority to purchase and financial capacity
9. Pre-Completion Obligations: Obligations of parties between signing and completion
10. Post-Completion Obligations: Ongoing obligations after the sale is completed
11. Release and Indemnification: Release of seller from partnership obligations and related indemnities
12. Confidentiality: Obligations regarding confidential information
13. Notices: Process for giving formal notices under the agreement
14. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
15. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.
1. Employee Matters: Required if there are employees whose employment status needs to be addressed
2. Intellectual Property Rights: Needed if specific IP rights need to be transferred or protected
3. Non-Compete Provisions: Include if restrictions on seller's future business activities are required
4. Third Party Consents: Required if any third party approvals are needed for the transfer
5. Tax Matters: Include detailed tax provisions if complex tax implications exist
6. Transition Services: Required if seller will provide post-completion support or services
7. Debt and Liabilities: Include if specific allocation of debts and liabilities needs to be addressed
8. Property Matters: Required if partnership owns significant real estate assets
1. Partnership Details: Details of the existing partnership structure and business
2. Assets Schedule: Comprehensive list of partnership assets being transferred
3. Financial Statements: Recent financial statements of the partnership
4. Accounts Receivable: List of outstanding receivables and their allocation
5. Liabilities Schedule: Details of partnership liabilities and their treatment
6. Employee List: List of employees and their employment terms if applicable
7. Intellectual Property: Schedule of IP rights owned or used by the partnership
8. Contracts Schedule: List of key contracts and their treatment post-completion
9. Property Schedule: Details of any real estate owned or leased by the partnership
10. Completion Obligations: Detailed list of actions required at completion
Authors
Professional Services
Retail
Manufacturing
Real Estate
Construction
Hospitality
Trading
Consulting
Agriculture
Technology Services
Healthcare
Education
Transportation and Logistics
Financial Services
Legal
Finance
Compliance
Corporate Secretarial
Risk Management
Operations
Business Development
Executive Leadership
Administrative Support
Managing Partner
Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Business Development Manager
Finance Director
Company Secretary
Compliance Officer
Risk Manager
Business Owner
Managing Director
Operations Director
Transaction Advisor
Partnership Consultant
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