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Partnership Sale Agreement Template for Ireland

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Key Requirements PROMPT example:

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."

Document background
The Partnership Sale Agreement is a crucial document used when transferring ownership interests in an Irish partnership, whether partially or entirely, to new owners. This agreement is essential for transactions governed by Irish law, particularly under the Partnership Act 1890 and related legislation. It comprehensively covers all aspects of the sale, including purchase price, asset transfer, assumption of liabilities, employee transitions, and ongoing obligations. The document is particularly important as partnerships lack separate legal personality under Irish law, requiring careful attention to individual partner rights and obligations. It includes detailed provisions for protecting both sellers and buyers, addressing tax implications, and ensuring business continuity during and after the transfer. The agreement becomes necessary whenever partners wish to sell their interests, retire, or when the partnership is being acquired by another entity.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions















































Clauses












































Relevant Industries

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

Relevant Teams

Legal

Finance

Corporate Development

Mergers and Acquisitions

Tax

Compliance

Risk Management

Operations

Business Development

Commercial

Relevant Roles

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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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