Partnership Buyout Checklist

Transfer ownership of units in a limited partnership in Canada with this template Bill of Sale for Limited Partnership Units.

• Under the Bill of Sale, the seller transfers the units to the buyer free and clear of any encumbrances, liens or rights of third parties to acquire an ownership interest.
• The buyer and seller agree to exchange mutual releases with respect to the purchase and sale of the units.
• The seller also releases the Limited Partnership from any claims.
• Available as a fully editable MS Word download.
• Intended to be used only in Canada.

This Guide to Partnership Buyouts can assist you in structuring a transaction to sell your interest in a business partnership, or buying out a partner's interest.

Whether you are buying out your partner, or you are the one being bought out, and whether the buyout is friendly or bitter, or sudden or planned, there are many things you need to think about when developing the exit agreement.

Key Points of the Guide

This expert guide offers insights into:

• why business partners fight,
• the role partnership agreements play in disputes,
• how to avoid disputes when the partnership terminates or a partner leaves,
• a comprehensive checklist of issues to consider when buying out a partner.

Jurisdiction

This 8-page guide focuses on Canadian businesses but contains general information for U.S. partnerships as well.

Wind up an Ontario general partnership with this Partnership Dissolution Agreement.

• The remaining partner buys out the interest of the resigning partner and assumes the partnership debts and obligations, in order to continue carrying on business.
• The partners will post an advertisement in The Ontario Gazette to notify interested parties of the dissolution.
• This legal template is provided in MS Word format and is fully editable to fit your particular circumstances.
• Intended for use only in the Province of Ontario, Canada.