Texas Assignment of Interest in Joint Venture
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FAQ
An Assignment of Partnership Interest occurs when a partner sells their stake in a partnership to a third party. The assignment document records the details of the transfer to the new partner.
A partner may assign his or her interest in the partnership but is not allowed to assign rights in specific partnership property. A partner's individual creditors may not attach partnership property but may charge a partner's interest in the partnership.
Partners are required to mandatorily obtain the consent of all the partners in case the partner is willing to transfer his/her rights and interest to another person. The partners have to work within his/her assigned authority.
Historically, Texas common law recognized two virtually identical legal entities: general partnerships and joint ventures. The creation of these entities was determined by the presence of four elements: (1) mutuality of interest, (2) mutuality of control, (3) sharing of profits, and (4) sharing of losses.
An Assignment of Partnership Interest is a legal document establishing the terms under which stake in a partnership is transferred from an assignor to an assignee. In other words, the new partner (assignee) acquires the right to receive benefits from the partnership per the stake granted.
Assignment of interest in LLCs happens when a member communicates to other members his/her intention to transfer part or all of his ownership rights in the LLC to another entity. The assignment is usually done as a means for members to provide collateral for personal loans, settle debts, or leave the LLC.
Transfer of limited partnership interest is allowed as long as the general partner consents to the arrangement and it is done in concert with the established partnership agreement. A common example of a limited partnership is the family limited partnership, which is often created to administer a family business.
In general, as noted earlier, the transferee of a partnership interest must withhold a tax equal to 10% of the amount realized by the transferor on any transfer of a partnership interest unless an applicable exception applies (as discussed below).
