Legal Question in Business Law in New Jersey

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.

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