Yes, most Partnership Agreements outline terms for selling or transferring an interest in a business. They often place some restrictions on the nature of the interest which may be acquired. As such, it’s essential to consult the original contract.
For instance, partners might limit assignments to economic interests and rights until the remaining partners approve their admission to the partnership. This prevents new partners from gaining voting rights and managerial input without the approval of the remaining partners. In this case, the Partnership Agreement would outline a process for the remaining partners to follow when granting full admission into the partnership.