Sale of Partnership Business Agreement
This Sale of Partnership Business Agreement can be used when an existing partnership is being sold to a company. The document assumes that the Company purchasing the partnership business is wholly owned by the Partners, who are also Directors of the Company. If the partnership business is being sold to an independent company, then clause 2.2 should be deleted, and 2.3 renumbered to 2.2.
This agreement is a consolidated version of the old long form and short form documents. Having a single document makes it easier to choose the correct one. It can now be tailored to reflect the number of parties involved.
This agreement contains the following clauses:-
5. Excluded Assets
6. Purchase Price
8. Payment of the Purchase Price
9. Transfer of Sale Assets
13. Accounts and Records
14. Continuing Obligations
16. Governing Law
1. Plant and machinery
2. Stock and materials
3. Debts due to Partnership
4. Sale contracts, orders, etc.
5. Hire-purchase, maintenance contracts, etc
6. Intellectual property rights
7. Insurance policies
8. Debts due by the Partnership
10. Pensions of employees
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Sale of Partnership Business Agreement is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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