Series 22: 1.1.3.3. Transfer Of Interest

1.1.3.3.  Transfer of Interest

Partners may not transfer or sell their partnership interest, unless they meet certain conditions described in the partnership agreement. Generally, the partner must provide prior written notice to the remaining partners stating the price, terms, and conditions of the proposed transfer. The transfer cannot take effect without the prior written approval of the general partners. If a general partner wishes to transfer its partnership interest, it must also have the approval of the limited partners, all of them or a majority, depending on the agreement.

The partner must also deliver a legal opinion affirming the transfer’s viability. The legal opinion must affirm that the trans