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Partnership Sale Agreement
"I need a Partnership Sale Agreement for the sale of my Dublin-based accounting practice to a larger firm, with completion scheduled for March 2025, including specific provisions for client transition and staff retention."
1. Parties: Identification of the selling partners, purchasing party, and any continuing partners
2. Background: Context of the partnership, reason for sale, and brief description of the business
3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation
4. Sale and Purchase: Core terms of the transaction including partnership interest being sold and purchase price
5. Completion: Details of when and how the sale will complete, including conditions precedent
6. Purchase Price and Payment: Payment terms, including any adjustments, deposits, and payment mechanisms
7. Seller Warranties: Warranties regarding the partnership business, assets, liabilities, and compliance
8. Buyer Warranties: Warranties from the buyer regarding authority and capacity to purchase
9. Pre-Completion Obligations: Obligations of all parties between signing and completion
10. Post-Completion Obligations: Continuing obligations after the sale completes
11. Restrictions on Sellers: Non-compete and non-solicitation provisions
12. Confidentiality: Provisions regarding confidential information and announcements
13. Tax Matters: Tax-related provisions, indemnities, and allocations
14. Notices: Process for serving formal notices under the agreement
15. General Provisions: Standard boilerplate clauses including governing law and jurisdiction
1. Employee Matters: Required if the partnership has employees - covers TUPE regulations and employee transfers
2. Intellectual Property: Required if the partnership owns significant IP assets
3. Property Matters: Required if the partnership owns or leases real property
4. Environmental Matters: Required if the business has environmental risks or compliance obligations
5. Data Protection: Required if the business processes personal data
6. Pension Arrangements: Required if the partnership has pension schemes
7. Debt and Security: Required if there are outstanding loans or security arrangements
8. Client Contracts: Required if there are material client contracts requiring consent for transfer
9. Transition Services: Required if sellers will provide post-completion support services
1. Schedule 1 - Partnership Information: Details of the partnership structure, registration, and business
2. Schedule 2 - Assets: Comprehensive list of partnership assets being transferred
3. Schedule 3 - Properties: Details of owned and leased properties
4. Schedule 4 - Intellectual Property: List of IP rights owned or licensed by the partnership
5. Schedule 5 - Employee Information: List of employees and their key terms of employment
6. Schedule 6 - Material Contracts: Summary of key commercial contracts
7. Schedule 7 - Warranties: Detailed seller warranties
8. Schedule 8 - Tax Covenant: Detailed tax indemnity provisions
9. Schedule 9 - Completion Obligations: List of documents to be delivered at completion
10. Appendix 1 - Completion Accounts: Format and principles for preparation of completion accounts
Authors
Professional Services
Legal Services
Accounting and Tax
Medical Practices
Architectural Firms
Engineering Consultancies
Retail
Real Estate
Construction
Manufacturing
Trading and Distribution
Agricultural Partnerships
Veterinary Practices
Financial Services
Technology Consulting
Legal
Finance
Corporate Development
Mergers and Acquisitions
Tax
Compliance
Risk Management
Operations
Business Development
Commercial
Managing Partner
Senior Partner
Corporate Lawyer
Legal Counsel
Chief Executive Officer
Chief Financial Officer
Business Development Director
Partnership Secretary
Commercial Director
Tax Director
Finance Manager
Operations Director
Compliance Officer
Risk Manager
Transaction Manager
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