DIY Legal Forms

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Sale of Partnership Interest

01. Introduction. Agreement made [date] between [name], residing at [address] (Seller), and [name], residing at [address] (Purchaser).

02. Sale of Interest. Seller, by this Instrument, sells and transfers to Purchaser, and Purchaser purchases, all of Seller's partnership interest in [company] (Partnership Interest).

03. Sales Price. The consideration for the sale of Partnership Interest is ........ dollars ($........), receipt of which is acknowledged by Seller.

04. Purchaser Bound by Partnership Agreement. Purchaser agrees to be bound by the Partnership Agreement made [date], organising [company], and executed by Seller, [name] and [names] as fully as if Purchaser were a party to the agreement in the place of Seller.

05. Consent of Remaining Partner. The remaining Partners of [company], [names], consent to the sale of Partnership Interest to Purchaser, and have so indicated by executing the consents annexed to this Agreement [omitted].

06. Release of Partners and Partnership by Seller. Sellerreleases the remaining Partners and [company] from any demands, claims, or causes of action that Seller may have against them. Seller represents that Seller has done nothing that would affect the remaining Partners and [company] that is not contained in [company]'s records.

07. Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.

08. Binding. This Agreement shall be binding both of the parties hereto.

09. Complete Agreement of the Parties. This is the complete agreement of the parties and it supersedes any agreement that has been made prior to this agreement.

10. Governing Law. The parties hereby expressly acknowledge and agree that this Agreement is entered into in the State of [STATE] and, to the extent permitted by law, this Agreement shall be construed, and enforced in accordance with the laws of the State of [STATE].

[signature]

Seller

[signature]

Purchaser

Consented to:

[signatures]

Partners