Offer to Purchase Partnership Interest (Canada)

Offer by one partner to purchase the other partner's interest in the partnership.

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This form is an offer by one partner to purchase another partner's entire interest. For example, if partner x and partner y were co-owners of a restaurant, partner x could use this form to offer to purchase partner y's 1/2 interst in the restaurant.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Offer to Purchase Partnership Interest

 

 
[Name of Partner Offering to Purchase other Partner's Interest], of [Address of Partner Offering to Purchase other Partner's Interest] ("Buyer") hereby offers to purchase from [Name of Partner Receiving Offer], of [Address of Partner Receiving Offer] ("Seller") all of Seller's one-half (1/2) partnership interest (the "Partnership Interest") in the partnership (the "Partnership") carrying on the business of [Brief Description of Nature of Partnership Business (ie. a Pizza Restaurant)] from premises at [Premises of Partnership] under the name [Partnership Name], upon the following terms and conditions:
1.   The purchase price for the Partnership Interest will be [Purchase Price of Partnership Interest (ie. $50,000.00)], which will be payable by cash or by certified check on the Closing Date (as defined below). The Buyer will also assume all liabilities of the Partnership on the Closing Date.
2.   Time shall be of the essence of this Offer. The closing of this transaction shall take place at 2:00 p.m. on [Closing Date (i.e. July 31, 2003)] or such earlier or later date as may be mutually acceptable to the parties hereto (the “Closing Date” or “Closing”).
3.   This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
4.   After acceptance of this Offer, the business of the Partnership shall be carried on in the normal course.
5.   This Offer constitutes the entire agreement among the parties and except as herein stated and in the instruments and documents to be executed and delivered pursuant hereto, contains all of the representations and warranties of the respective parties. There are no oral representations or warranties amount the parties of any kind. This Offer may not be amended or modified in any respect except by written instrument signed by both parties.
6.   This Offer shall be governed by and construed in accordance with the laws of the Province of [Province (i.e. Ontario)].
7.   This Offer shall be irrevocable by the Buyer until 5:00 on [Date until which offer will be open for acceptance], after which time, if not accepted, this Offer shall be null and void.
 
IN WITNESS WHEREOF this Offer has been executed by the Buyer this _____ day of ____________________, _____.
 
 
 
 
 
Witness
 
[Name of Buyer]
 
I hereby accept the above Offer.
DATED _____________________, _____
 
 
 
 
Witness
 
[Name of Seller]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28479
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Offer to Purchase Partnership Interest

 

 
[Name of Partner Offering to Purchase other Partner's Interest], of [Address of Partner Offering to Purchase other Partner's Interest] ("Buyer") hereby offers to purchase from [Name of Partner Receiving Offer], of [Address of Partner Receiving Offer] ("Seller") all of Seller's one-half (1/2) partnership interest (the "Partnership Interest") in the partnership (the "Partnership") carrying on the business of [Brief Description of Nature of Partnership Business (ie. a Pizza Restaurant)] from premises at [Premises of Partnership] under the name [Partnership Name], upon the following terms and conditions:
1.   The purchase price for the Partnership Interest will be [Purchase Price of Partnership Interest (ie. $50,000.00)], which will be payable by cash or by certified check on the Closing Date (as defined below). The Buyer will also assume all liabilities of the Partnership on the Closing Date.
2.   Time shall be of the essence of this Offer. The closing of this transaction shall take place at 2:00 p.m. on [Closing Date (i.e. July 31, 2003)] or such earlier or later date as may be mutually acceptable to the parties hereto (the “Closing Date” or “Closing”).
3.   This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
4.   After acceptance of this Offer, the business of the Partnership shall be carried on in the normal course.
5.   This Offer constitutes the entire agreement among the parties and except as herein stated and in the instruments and documents to be executed and delivered pursuant hereto, contains all of the representations and warranties of the respective parties. There are no oral representations or warranties amount the parties of any kind. This Offer may not be amended or modified in any respect except by written instrument signed by both parties.
6.   This Offer shall be governed by and construed in accordance with the laws of the Province of [Province (i.e. Ontario)].
7.   This Offer shall be irrevocable by the Buyer until 5:00 on [Date until which offer will be open for acceptance], after which time, if not accepted, this Offer shall be null and void.
 
IN WITNESS WHEREOF this Offer has been executed by the Buyer this _____ day of ____________________, _____.
 
 
 
 
 
Witness
 
[Name of Buyer]
 
I hereby accept the above Offer.
DATED _____________________, _____
 
 
 
 
Witness
 
[Name of Seller]
 
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