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Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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Id like to get out of a partnership as soon as possible,selling

Customer Question

I'd like to get out of a partnership as soon as possible,selling the bussiness to the best offer,In the other hand my partner cannot buy me out and puts a very heigh asking price.Can I sell my share to somebody else?what kind of document I will need for that transaction?
Submitted: 7 years ago.
Category: Business Law
Expert:  Ellen replied 7 years ago.
Do you have a written partnership agreement?
Customer: replied 7 years ago.
Yes we do.
Expert:  Ellen replied 7 years ago.

Provided that your partnership agreement does not restrict your right to sell your interest, you can sell to a third party. Typically a partnership agreement will require that the remaining partner have a first right of refusal on the interest being sold. If that is your situation, you will need to follow the guidelines set out in your agreement for selling the partnership interest. Typically the interest can be transferred with an assignment of partnership interest.

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