Assignment of Partnership Interest
Transfer a partner's interest in a partnership to another person.
Transfer a partner's interest in a partnership to another party.
- Business / Legal document
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Key features
The interest in percentages
A blank for the share in profits and in capital, and the capital account at a date.
Economic rights or full partner rights
A section to say whether the assignee gets only the economic benefit or becomes a partner.
Price and effective date
How and when the price is paid, and the date from which distributions go to the assignee.
Confirmations from both sides
The assignor confirms it owns the interest free of charges it created; the assignee confirms it has read the partnership agreement.
Consent line, witnesses and notary page
A line for a consenting partner, optional witness lines and a notary acknowledgment page for use if the document is notarized.
About this document
An assignment of partnership interest moves a partner's interest in a partnership's profits and capital to someone else. It records the interest, the price, when it takes effect and what each side confirms.
The form separates two things: the right to the money, and the full rights of a partner, which usually need the other partners' consent. Signing lines are provided for the assignor, the assignee and a consenting partner.
Is this document right for you?
Useful when
- A partner wants to sell or hand on their interest
- A new person is to take over a departing partner's stake
- You want the consent of the other partners recorded
Commonly used by
- Partners in small businesses
- Professional partnerships
- Family businesses
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Alternatives
These are separate documents, for different jobs.
- Partnership agreementsSet out how partners share work, profit and decisions.View document
- General Contract AssignmentTransfer your rights and duties under a contract to someone else.View document
- Ownership and equity documentsRecord who owns what share of the company.View document
- Corporate resolutionsRecord decisions formally made by a board or shareholders.View document
When to use this
- A partner retires and sells their interest to the others
- A partner transfers part of their interest to a new person
- A buyer takes over economic rights without becoming a partner
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More in Partnership & Joint Venture
- Partnership agreementsSet out how partners share work, profit and decisions.View document
- Joint-venture agreementsSet out how two businesses work together on a venture.View document
- LLC formationPrepare the paperwork to register a limited liability company.View document
- Founder agreementsAgree roles, equity and decisions between co-founders.View document
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Questions
About the assignment of partnership interest
Often the partnership agreement restricts transfers. The form has a line for consenting partners, but what your agreement requires is a question for it and for a lawyer.
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