When a business partner wishes to retire or leave the company, the parties can use an Assignment of Partnership Interest to transfer their stake to someone else and continue doing business.
This document details the terms and conditions of the transfer. For instance, it should specify whether the new partner is an individual or a business entity. It can also state if they’ll receive full partnership rights or economic rights only.
An Assignment of Partnership Interest is also known as:
Transfer of Partnership Interest Form
Sale of Interest in Partnership
Partnership Assignment