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My company is an LP not an LLC. This company also owns

Hello, My company is an LP...
Hello,
My company is an LP not an LLC. This company also owns property. I am selling all my assets in this LP. The buyer is taking over, both the General Partner and all the Limited Partners. The property will stay in the name of the LP.
What type of agreement needs to be signed? What is the process? Is this very complicated to do?
Thanks.
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Answered in 4 minutes by:
1/22/2018
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,841
Experience: 30 years of corporate, litigation and international law
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Hello, my name is Richard-Bizlaw and I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

From the point of view of the sellers, the best thing is to transfer the partnership interest of the General Partner and the Limited Partners. That will be a capital transaction and any profit will be a capital gain. They buyer will own all the assets in the LP and can do with them as he pleases. It is not a particularly complicated agreement.

If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,841
Experience: 30 years of corporate, litigation and international law
Verified
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