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Richard, Attorney
Category: Business Law
Satisfied Customers: 55699
Experience:  32 years of experience practicing law and a businessman.
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How does a partner in a limited partnership sell s share to

Customer Question

How does a partner in a limited partnership sell his share to the other limited partners? If one partner owes a debt to the other partners in excess of the value of their share can the partnership force that partner to give up his/her share ?
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.

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Expert:  Richard replied 1 year ago.

A partnership interest is transferred by a document called an Assignment of Interest whereby one partner assigns, transfers and conveys his ownership to the buyer/assignee of the interest. On your second question, it depends upon the terms of the partnership agreement...if the partnership agreement provides for a forfeiture of an interest in the event of a partner default, then you could force the forfeiture of the interest. Otherwise, you would need to file suit against the partner who owes the money, get a judgment against him, file a judgment lien against the partnership interest, and then take the interest to collect the judgment lien.

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