I am a 25% sleeping partner, with another 25% sleeping partner and 2 other 25% each working partners. Is it possible to get my sleeping partnership transferred to one of the working partners?
Answer
Generally speaking, a partnership interest is not transferred rather it is sold. If there is a partnership agreement then you would have to follow the prescribed process for the purchase of a partner's share. Ideally, the four partners would have to come to an agreement. There are scenarios where a partner can sell his share without the acquiescence of the other partners. This would require a careful analysis of the facts as well as a review of the possible intended and unintended outcomes, one of which could be the dissolution of the partnership.
The above is generally correct also in the event the "partnership" is actually an LLP, LLC or a corporation.
If you need help reviewing the current agreement or drafting one up feel free to contact my office at your earliest convenience.
Roman R. Fichman, Esq.
www.TheLegalist.com │ @TheLegalist
email: Info (@) TheLegalist (dot) com
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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.
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