[{"data":1,"prerenderedAt":465},["ShallowReactive",2],{"document-announcement-of-partnership-buyout-D1384":3},{"document":4,"label":27,"preview":11,"thumb":28,"thumb600":29,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":30,"breadcrumb":34,"related":42,"customDescModule":183,"customdescription":6,"mdFm":184,"mdProseHtml":464},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":26},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: ANNOUNCEMENT OF PARTNERSHIP BUYOUT Dear [Contact name], This letter is to confirm that I am now the only owner of [name of firm], given that I have purchased all of the interest of my former partner, [name], and that [HE/SHE] is no longer associated with our firm.",null,"Announcement of Partnership Buyout","1",513,"doc","https://templates.business-in-a-box.com/imgs/1000px/announcement-of-partnership-buyout-D1384.png","https://templates.business-in-a-box.com/imgs/250px/1384.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1384.xml",{"title":15,"description":6},"announcement of partnership buyout",[17,20,23],{"label":18,"url":19},"Sales & Marketing","/templates/sales-marketing/",{"label":21,"url":22},"Press & Media","/templates/press-media/",{"label":24,"url":25},"Employee Letters","/templates/employee-letters/","announcement partnership buyout","Announcement of Partnership Buyout Template","https://templates.business-in-a-box.com/imgs/400px/1384.png","https://templates.business-in-a-box.com/imgs/600px/1384.png",[31,17,20,23],{"label":32,"url":33},"Templates","/templates/",[35,36,39],{"label":32,"url":33},{"label":37,"url":38},"Administration","/templates/business-administration/",{"label":40,"url":41},"Stakeholder Correspondence","/templates/stakeholder-correspondence/",[43,47,51,55,59,63,67,71,75,79,83,87,91,107,122,139,156,170],{"label":44,"url":45,"thumb":46,"extension":10},"Partnership Buyout Agreement","/template/partnership-buyout-agreement-D12708","https://templates.business-in-a-box.com/imgs/250px/12708.png",{"label":48,"url":49,"thumb":50,"extension":10},"Non-Profit Partnership Agreement","/template/non-profit-partnership-agreement-D14023","https://templates.business-in-a-box.com/imgs/250px/14023.png",{"label":52,"url":53,"thumb":54,"extension":10},"Buyout Agreement","/template/buyout-agreement-D12612","https://templates.business-in-a-box.com/imgs/250px/12612.png",{"label":56,"url":57,"thumb":58,"extension":10},"Partnership Agreement","/template/partnership-agreement-D12551","https://templates.business-in-a-box.com/imgs/250px/12551.png",{"label":60,"url":61,"thumb":62,"extension":10},"Announcement of Business Merger","/template/announcement-of-business-merger-D1377","https://templates.business-in-a-box.com/imgs/250px/1377.png",{"label":64,"url":65,"thumb":66,"extension":10},"Announcement of Price Reduction","/template/announcement-of-price-reduction-D1386","https://templates.business-in-a-box.com/imgs/250px/1386.png",{"label":68,"url":69,"thumb":70,"extension":10},"Announcement of Change of Address","/template/announcement-of-change-of-address-D1379","https://templates.business-in-a-box.com/imgs/250px/1379.png",{"label":72,"url":73,"thumb":74,"extension":10},"Announcement of Price Increase","/template/announcement-of-price-increase-D1385","https://templates.business-in-a-box.com/imgs/250px/1385.png",{"label":76,"url":77,"thumb":78,"extension":10},"LLC Buyout Agreement","/template/llc-buyout-agreement-D13361","https://templates.business-in-a-box.com/imgs/250px/13361.png",{"label":80,"url":81,"thumb":82,"extension":10},"Exclusive Partnership Agreement","/template/exclusive-partnership-agreement-D12809","https://templates.business-in-a-box.com/imgs/250px/12809.png",{"label":84,"url":85,"thumb":86,"extension":10},"Announcement of Catalog Price Reductions","/template/announcement-of-catalog-price-reductions-D1378","https://templates.business-in-a-box.com/imgs/250px/1378.png",{"label":88,"url":89,"thumb":90,"extension":10},"Announcement of New Pricing Policy","/template/announcement-of-new-pricing-policy-D1383","https://templates.business-in-a-box.com/imgs/250px/1383.png",{"description":92,"descriptionCustom":6,"label":93,"pages":94,"size":9,"extension":10,"preview":95,"thumb":96,"svgFrame":97,"seoMetadata":98,"parents":100,"keywords":105,"url":106},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: LETTER OF INTENT-ACQUISITION OF BUSINESS Dear [CONTACT NAME]: This letter (\"Letter of Intent\") sets forth the basic preliminary terms between the Buyer or his nominee and yourselves regarding the purchase of the [SPECIFY] business (the \"Business\") carried on by yourselves. Except as specifically set forth herein, this Letter of Intent shall not constitute an agreement between the parties and no agreement shall be deemed to exist until execution of a definitive purchase agreement. It is proposed that Buyer will acquire certain assets of the Business which Buyer believes to be necessary to the future of the Business, including the warehouse in [CITY/STATE] in which [COMPANY NAME] the Company has invested [AMOUNT] in cash and which has been financed by a mortgage loan of approximately [AMOUNT] granted by the [SPECIFY COMPANY] [CITY/STATE]. Buyer understands that the said warehouse has no other charges or liabilities affecting it other than the said mortgage loan. Buyer may either purchase the warehouse outright or enter into a lease-purchase or instalment transfer of ownership which is satisfactory to both parties. The gross purchase price for the said warehouse will be [AMOUNT]. Buyer may purchase or lease barrels and other equipment currently owned by the Company which are necessary to operate the Business, on a cash or instalment basis agreeable to both parties. The specific assets to be purchased and the amounts to be paid by Buyer in connection with this transaction remain to be negotiated by the parties. This Letter of Intent also evidences the intentions of the parties with respect to the following agreements: Buyer will enter into a [NUMBER]-year employment agreement with [COMPANY NAME], providing for the Company will be responsible for the purchase of [SPECIFY] for Buyer. The agreement will contain the customary terms and conditions found in employment agreements in similar transactions and will provide for the usual non-competition and non-solicitation covenants to be entered into by the Company in favour of Buyer. It is expressly understood that if the contemplated transaction is consummated, the aggregate amount of commission paid or payable to yourselves (net of reasonable expenses acceptable to Buyer) in respect of all purchases of [SPECIFY] made through you from the date of this Letter of Intent to the date of closing, with the exception of commissions earned on the [NUMBER] truckloads of [SPECIFY] to be delivered to Buyer during the week of [DATE] to [DATE], will be applied against remuneration payable to the Company in the first year of his employment agreement. If the contemplated transaction is not consummated, all such commissions paid or payable will be treated as commissions. Buyer will enter into a [NUMBER]-year employment agreement with [EMPLOYEE NAME], providing for the payment of a gross base salary of [ANNUAL SALARY] per year, to be paid weekly, subject to annual review. [EMPLOYEE NAME] will be President of the Business and the employment agreement will provide for health benefits, automobile, expenses and bonus arrangements","Letter of Intent_Acquisition of Business","3","https://templates.business-in-a-box.com/imgs/1000px/letter-of-intent_acquisition-of-business-D5197.png","https://templates.business-in-a-box.com/imgs/250px/5197.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5197.xml",{"title":99,"description":6},"letter of intent_acquisition of business",[101,104],{"label":102,"url":103},"Legal Agreements","business-legal-agreements",{"label":102,"url":103},"letter intent_acquisition business","/template/letter-of-intent_acquisition-of-business-D5197",{"description":108,"descriptionCustom":6,"label":109,"pages":110,"size":9,"extension":10,"preview":111,"thumb":112,"svgFrame":113,"seoMetadata":114,"parents":116,"keywords":115,"url":121},"BUSINESS TRANSFER AGREEMENT This BUSINESS TRANSFER AGREEMENT (\"Agreement\") is is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Seller\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Purchaser\"), an individual with his main address located at: [COMPLETE ADDRESS] (The Purchaser and the Seller shall be individually referred to as a \"Party\" and collectively referred to as the \"Parties\", as the context may require). WHEREAS: A. The Seller is inter alia engaged in the business of [INSERT DESCRIPTION]. B. The Purchaser is an [company] incorporated on and from [insert date] and is engaged in [INSERT DESCRIPTION]; C. The Seller has agreed to sell, and the Purchaser has agreed to purchase the Business (as defined hereinafter) on a slump sale basis and as a going concern on the terms and conditions of this Agreement. NOW THEREFORE, in consideration of the above recitals, the representations, warranties, covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are now acknowledged, the Parties agree as follows: SALE AND TRANSFER OF BUSINESS Transfer of Business. The Seller hereby agrees to sell, assign, convey and transfer the Business as a going concern to the Purchaser, and the Purchaser agrees to purchase the Business on the terms of this Agreement, at Closing. Liabilities. All amounts due and payable to the Employees in respect of their employment with the Purchaser after the Closing shall be borne and paid by the Purchaser. All duties, obligations and liabilities under the Contracts in respect of services rendered by the Purchaser there under after the Closing shall be borne and discharged by the Purchaser. All other statutory dues and liabilities relating to the Business and accruing in relation to the period after the Closing shall be discharged by the Purchaser. Title and Risk. Subject to the terms and conditions of this Agreement, title to and risk in the Business shall pass to the Purchaser at the Closing. [Grant of License. The Seller shall at Closing grant a perpetual and royalty-free license to the Purchaser to [insert details] and all associated intellectual property rights in accordance with the terms of the License Agreement in the format as mutually agreed between the Parties. EMPLOYEES The Seller shall terminate the employment of the Employees at the Closing, and the Purchaser shall employ the Employees with effect from the Closing on terms and conditions of service, which are no less favourable than those, which, the Employees enjoyed immediately prior to the Closing with the Seller without any interruption or break in service. All wages, salaries and other entitlements of the Employees under their respective employment/consultancy contracts and all tax deductions and other contributions relating thereto (including gratuity) which are due and payable at the Closing shall be paid and discharged by the Seller in respect of the period up to Closing. PURCHASE PRICE Purchase Price. The purchase price for the transfer of the Business shall be a lump-sum price of the [insert amount] (the \"Purchase Price\") payable by way of [pay order or banker's draft drawn or by way of telegraphic transfer to such account(s) as may be notified to the Purchaser in writing at least five (5) business days prior to the Closing]. Except for the purchase price, no other amounts shall be payable by the Purchaser to the Seller under this Agreement. The purchase price shall not be subject to escalation. The [Seller/Purchaser] shall be solely responsible for all Taxes payable in respect of the sale and transfer of the Business, including any existing tax liabilities in respect of the Assets. REPRESENTATIONS AND WARRANTIES The Seller represents and warrants to the Purchaser that the statements contained in Part A to Schedule \"B\" are true and correct, except as specifically disclosed in the Disclosure Schedule set out at Schedule \"C\" and shall remain true as on the Closing Date. The Purchaser represents and warrants to the Purchaser that the statements contained in Part B to Schedule \"B\" are true and correct and shall remain true as on the Closing Date. The representations and warranties, and to the extent that they have not been fully performed at or prior to the Closing Time, the covenants and agreements, contained in this Agreement shall survive the Closing for the maximum period allowable under Applicable Law. CONDITIONS PRECEDENT The obligations of the Purchaser to proceed with the Closing of the transactions contemplated under this Agreement shall be subject to the fulfilment on or before the Closing of each of the conditions precedent set out at Schedule \"D\" to this Agreement. CONDUCT PRIOR TO CLOSING Conduct of business of Seller. During the period from the date of this Agreement and up to the Closing, the Seller agrees that it shall (a) carry on the Business in the Ordinary Course of Business in substantially the same manner as heretofore conducted; (b) pay its debts and Taxes when due, (c) pay or perform other obligations when due; and (d) preserve intact the Business, keep available the services of is present Employees and preserve its relationship with, customers and lessors, having business dealings with it, to the end that its ongoing ability to provide services shall be unimpaired at the Closing. CLOSING Subject to the fulfilment of the Conditions Precedent set forth in Schedule \"D\" hereto and the receipt of the Deliverables by the Purchaser set forth in Schedule \"E\", the Closing will be in accordance with the terms of this Agreement. On or prior to the Closing, the Seller shall make the deliveries listed at Schedule \"E\" to the Purchaser. POST-CLOSING OBLIGATIONS On and after Closing, the Seller shall be obliged to promptly deliver to the Purchaser any payment, notice, correspondence, information or enquiry in relation to the Business which it receives. Non-competition. The Seller agrees that on and after Closing it shall not, and shall cause its affiliates, relatives, associates, promoters and whole-time directors not to, engage, directly or indirectly in any of the following activities: Business or [insert specific activities relating to Business] Other business. The Seller shall not be entitled to engage in any business competing with the activities of the Purchaser or Business, save and except [insert exceptions, if any]. The use or disclosure of any client database, intellectual property, [source or object code], or other confidential or proprietary information of the Business or other know-how or other information pertaining to the Business or its customers or suppliers; The solicitation of any customers or suppliers of the Business to terminate or otherwise adversely modify their relationship with the Business; or The solicitation, engagement or retention in any capacity of any Employee of the Business or any director, officer or executive of the Purchaser, including but not limited to, involvement directly or indirectly of the Employees in any business involving the Business activity or related services. c) The Purchaser agrees that on and after Closing it shall not, and shall cause its affiliates, relatives, associates, promoters and whole-time directors not to, engage, directly or indirectly in the [insert description of activities of Seller other than the Business] save and except [insert exceptions, if any]. d) Each of the covenants contained in this Section 9.2 shall be construed as a separate covenant and if, in any judicial proceeding, a court shall refuse to enforce any of the separate covenants of this Section 9","Business Transfer Agreement","19","https://templates.business-in-a-box.com/imgs/1000px/business-transfer-agreement-D12552.png","https://templates.business-in-a-box.com/imgs/250px/12552.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12552.xml",{"title":115,"description":6},"business transfer agreement",[117,118],{"label":102,"url":103},{"label":119,"url":120},"Purchase & Sale Agreements","purchase-sale-agreement","/template/business-transfer-agreement-D12552",{"description":123,"descriptionCustom":6,"label":124,"pages":8,"size":9,"extension":10,"preview":125,"thumb":126,"svgFrame":127,"seoMetadata":128,"parents":130,"keywords":137,"url":138},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: termination notice Dear [Employee Name], It is with regret that we inform you that your employment with this company has been terminated effective [Date]. Enclosed is your final paycheck with accrued vacation and other benefits. Let us know if you believe it to be inaccurate. We will contact you regarding continuation of your insurance coverage and any other benefits. You are being terminated due to your conduct over [Time Period], which most recently includes [List Employee Conduct]. It is your option to express your belief about the merits of your termination during your exit interview, scheduled for [Date & Time]. As an offer of assistance, you have the option of obtaining a [two (2) week] severance package in exchange for the signing of a General Release. This offer is conditional upon your return of all company property. The company reserves the right to oppose any claim for benefits.","Notice of Termination","https://templates.business-in-a-box.com/imgs/1000px/notice-of-termination-D517.png","https://templates.business-in-a-box.com/imgs/250px/517.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#517.xml",{"title":129,"description":6},"notice of termination",[131,134],{"label":132,"url":133},"Human Resources","human-resources",{"label":135,"url":136},"Employee Termination","employee-termination","notice termination","/template/notice-of-termination-D517",{"description":140,"descriptionCustom":6,"label":141,"pages":142,"size":9,"extension":10,"preview":143,"thumb":144,"svgFrame":145,"seoMetadata":146,"parents":148,"keywords":147,"url":155},"BUY-SELL AGREEMENT This Buy-Sell Agreement (this \"Agreement\") is made and effective this [Date], BETWEEN: [COMPANY NAME], a corporation organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: Each of the Parties listed below (each a \"Shareholder\" and collectively, the \"Shareholders\"). The Shareholders desire to promote and protect their mutual interests and the interests of the Company. Therefore, the parties hereby agree as follows: ARTICLE I PARTIES AND PURPOSE PARTIES The Shareholders own all the outstanding shares (the \"Shares\") of the [COMPANY NAME] in the amount outlined below. At this time, each Shareholder's interest in the Company is as follows: __________________ owns _________________ % __________________ owns _________________ % __________________ owns _________________ % __________________ owns _________________ % While this agreement is in effect, no Shareholder shall have any right to assign, encumber or dispose of his interest in the Company except as provided herein. PURPOSE The purpose of this Agreement is to protect the Corporation's management and control from persons not acceptable to all Shareholders. The other purpose is to provide a ready market in the event of the death, disability, or lifetime transfer of Shares by a Shareholder. To this end, the Shareholders have entered into this agreement to: Restrict the transfer or sale of the Shares by the Shareholders; Ensure any sale of the Shares is in the accordance with established procedures; Provide stability and continuity in the management of the Company; Maintain ownership or control of the Company ARTICLE II SALES TRANSFER RESTRICTION ON SHARES No Shareholder (or any party acting on behalf of a Shareholder) may sell or transfer its Shares, whether owned or subsequently acquired, except in accordance with the provisions of this Agreement or with the written consent of the Company and all other Shareholders. Any attempt to sell or transfer Shares (or an interest in Shares) that contravenes the terms of this agreement is null and void and is not binding on or recognized by the Company or the Shareholders. Definition of sale or transfer. The term \"sale or transfer\" includes any sale, pledge, encumbrance, gift, bequest, or other transfer of any Shares, whether or not the transfer would be made for value, or to another Shareholder, or voluntarily or involuntarily or by operation of law, or during his lifetime or upon his death Exception. A sale or transfer of a Shareholder's Shares to a trust that is wholly revocable by that Shareholder and for which that Shareholder is the sole trustee is not a prohibited sale or transfer. However, any subsequent attempted sale or transfer by the trustee of such trust shall be subject to all of the terms of this Agreement with the Shareholder (and not the trust) deemed as the Shareholder of such Shares. Legend on share certificates. Each share certificate whether presently owned or subsequently acquired, shall have the following statement conspicuously printed on its face: \"The transfer, sale, assignment of the Shares represented by this certificate is restricted by a Buy-Sell Agreement among all the Shareholders and the Corporation dated [SPECIFY]. A copy of the Buy-Sell Agreement is available for inspection during normal business hours at the principal office of the Corporation. All the terms and provisions of the Buy-Sell Agreement are incorporated by this reference and made a part of this certificate.\" ARTICLE III VOLUNTARY TRANSFER PERMITTED SALE OR TRANSFER DURING LIFETIME Any Shareholder wishing to sell or transfer its Shares must first notify each of the other Shareholders in writing. Such Shareholder (a \"Seller\") will be deemed to have offered to sell its Shares (the \"Offering Shares\") to other Shareholders. The notice must indicate the name of the party (the \"third party purchaser\") to whom the seller wishes to sell or transfer the offered Shares and the terms of the proposed sale or transfer. First option to other Shareholders. Each of the other Shareholders will have thirty (30) days from the effective date of the notice to choose to purchase the Offered Shares in proportion to their respective ownership of all outstanding Shares (excluding the Offered Shares) or in such other proportion as the other Shareholders may agree. During this 30-day period, the other Shareholders must collectively agree to purchase all or none of the Offered Shares. If the other Shareholders exercise their call option, they must acquire the Offering Shares on the same terms as those set out in the proposed notice of sale or transfer. These conditions will be supplemented, as necessary, by the payment conditions described in Article VI below. Notice of proposed sale. Any Shareholder wishing to sell his/her Shares shall provide a Notice of Proposed Sale. The notice must specify: the name and address of each proposed transferee; the number of Shares or the interest in Shares to be transferred; the price per Share; the terms of the proposed sale, assignment, or transfer. Permitted sale or transfer to third party purchaser. When the other Shareholders do not exercise their right to purchase all the Shares offered within the 30-day period, the seller may then conclude the sale or transfer to the third-party purchaser. However, the sale or transfer must be made on the same terms and conditions as those set out in the notice to other Shareholders. In addition, the third-party buyer must agree in writing to be bound by the terms of this contract before or at the time of the sale or transfer. If the sale or transfer to the third-party acquirer is not completed within sixty (60) days of the expiry of the other Shareholder's 30-day option period, then the authorization to sell or transfer under this agreement shall be deemed to have been withdrawn as if no sale or transfer had been considered and no notice given. ARTICLE IV INVOLUNTARY TRANSFER INVOLUNTARY LIFETIME SALE OR TRANSFER Any Shareholder who holds information that could reasonably be expected to result in an involuntary lifetime sale of his or her Shares and any person or entity that has acquired or may acquire an interest in such Shares must promptly notify each of the other Shareholders in writing. The notice must describe the nature and details of the involuntary lifetime sale and must indicate the name of the party (the \"third party transferee\"). The Shareholder will be deemed to have offered to sell its Shares (the \"Offering Shares\") to other Shareholders. The following events shall each constitute an \"Involuntary\" transfer event: the death of a Shareholder; the total mental or physical disability of a Shareholder; the termination of a Shareholder's employment with [COMPANY NAME]; and the bankruptcy or insolvency of a Shareholder. First option to other Shareholders. Each of the other Shareholders will have thirty (30) days from the effective date of this notice to elect to purchase the Offered Shares in proportion to their respective ownership of all outstanding Shares (excluding the Offered Shares) or in such other proportion as the other Shareholders may agree. If the other Shareholders exercise their option to purchase some or all of the offered Shares, they must then acquire these Shares at the purchase price and on the payment, terms described in Articles VI and VII below. Permitted sale or transfer to third party transferee. If the other Shareholders do not validly exercise their option to buy all of the Offered Shares within the 30-day period, then any remaining Offered Shares may be transferred to the third-party transferee. However, the transfer must be made on the same terms and conditions as those contained in the notice to the other Shareholders","Buy Sell Agreement","8","https://templates.business-in-a-box.com/imgs/1000px/buy-sell-agreement-D12611.png","https://templates.business-in-a-box.com/imgs/250px/12611.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12611.xml",{"title":147,"description":6},"buy sell agreement",[149,152],{"label":150,"url":151},"Finance & Accounting","finance-accounting",{"label":153,"url":154},"Buy & Sell Shares","buy-sell-shares","/template/buy-sell-agreement-D12611",{"description":157,"descriptionCustom":6,"label":158,"pages":94,"size":9,"extension":10,"preview":159,"thumb":160,"svgFrame":161,"seoMetadata":162,"parents":164,"keywords":163,"url":169},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":163,"description":6},"non disclosure agreement nda",[165,166],{"label":102,"url":103},{"label":167,"url":168},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",{"description":171,"descriptionCustom":6,"label":172,"pages":8,"size":9,"extension":10,"preview":173,"thumb":174,"svgFrame":175,"seoMetadata":176,"parents":178,"keywords":181,"url":182},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: Letter of Resignation Dear [Contact name], This is to inform you that an opportunity has presented itself that will enable me to work in the area of my stated preference, which is [Designate]. I believe the reasons leading to this decision are known by you and I will therefore leave them unsaid at this time OR As much as I enjoyed working with you, I cannot let this opportunity pass me by. I am therefore tendering my resignation and wish to advise you that [Date] will be my last day of employment. I will of course assist you in any way possible in training my replacement and ensuring all impending matters are passed on to the appropriate people. I would like to thank you for the experience of having worked for [YOUR COMPANY NAME], a truly outstanding organization, and offer my best wishes for your continued success. Best wishes, [YOUR NAME] [YOUR TITLE] [YOUR PHONE NUMBER] [YOUREMAIL@YOURCOMPANY.COM] [IF SENT BY EMAIL YOU MAY INCLUDE THIS NOTICE]","Letter of Resignation","https://templates.business-in-a-box.com/imgs/1000px/letter-of-resignation-D512.png","https://templates.business-in-a-box.com/imgs/250px/512.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#512.xml",{"title":177,"description":6},"letter of resignation",[179,180],{"label":132,"url":133},{"label":135,"url":136},"letter resignation","/template/letter-of-resignation-D512",false,{"seo":185,"reviewer":196,"quick_facts":200,"at_a_glance":202,"personas":206,"variants":227,"glossary":249,"clauses":276,"how_to_fill":322,"common_mistakes":353,"faqs":370,"industries":395,"comparisons":412,"diy_vs_pro":426,"related_template_ids_curated":439,"schema":450,"classification":452},{"meta_title":186,"meta_description":187,"primary_keyword":15,"secondary_keywords":188},"Free Announcement Of Partnership Buyout Template – Word & PDF","Free partnership buyout announcement letter template. Formally notify clients, staff, and vendors of an ownership change. Used in 190+ countries.",[189,190,191,192,193,194,195],"partnership buyout announcement letter","partnership buyout letter template","business buyout announcement","partnership buyout notice","partner buyout announcement template word","ownership change announcement letter","partnership dissolution announcement",{"name":197,"credential":198,"reviewed_date":199},"Bruno Goulet","CEO, Business in a Box","2026-05-02",{"difficulty":201,"legal_review_recommended":183,"signature_required":183},"easy",{"what_it_is":203,"when_you_need_it":204,"whats_inside":205},"An Announcement of Partnership Buyout is a formal business letter that notifies clients, employees, suppliers, and other stakeholders that one partner has purchased another partner's interest in the business. This free Word download gives you a professionally worded letter you can edit online, personalize with your details, and export as PDF or print in minutes.\n","Send it promptly after a buyout transaction closes — before rumors spread or stakeholders discover the change through unofficial channels. It is especially important when the departing partner had direct relationships with clients, vendors, or staff.\n","A subject line and opening statement identifying the change, the names of the buying and departing partners, the effective date of the transaction, a brief explanation of business continuity, and a closing that invites questions and reinforces confidence in the organization.\n",[207,211,215,219,223],{"title":208,"use_case":209,"icon_asset_id":210},"Remaining partners","Formally notifying stakeholders after buying out a co-owner's interest","persona-small-business-owner",{"title":212,"use_case":213,"icon_asset_id":214},"Business attorneys","Providing clients with a ready-to-send communication after closing a buyout","persona-attorney",{"title":216,"use_case":217,"icon_asset_id":218},"Operations managers","Coordinating stakeholder communications as part of a post-buyout transition plan","persona-operations-director",{"title":220,"use_case":221,"icon_asset_id":222},"Accountants and CPAs","Advising business clients on the documentation needed to record an ownership change","persona-accountant",{"title":224,"use_case":225,"icon_asset_id":226},"HR managers","Announcing the departure of a partner-level executive to the internal team","persona-hr-manager",[228,231,235,239,243,245],{"situation":229,"recommended_template":7,"slug":230},"Buying out one partner in a multi-partner firm","announcement-of-partnership-buyout-D1384",{"situation":232,"recommended_template":233,"slug":234},"Dissolving the partnership entirely with no continuing entity","Notice of Partnership Dissolution","partnership-dissolution-agreement-D901",{"situation":236,"recommended_template":237,"slug":238},"Notifying clients that a new partner has joined the business","Announcement of New Business Partner","announcement-of-new-pricing-policy-D1383",{"situation":240,"recommended_template":241,"slug":242},"Transferring full ownership to a new buyer outside the partnership","Business Transfer Announcement Letter","announcement-of-business-merger-D1377",{"situation":244,"recommended_template":60,"slug":242},"Announcing a merger where two partnerships combine",{"situation":246,"recommended_template":247,"slug":248},"Internally notifying employees of a change in management structure","Internal Change of Management Memo","change-management-policy-D13822",[250,253,255,258,261,264,267,270,273],{"term":251,"definition":252},"Partnership Buyout","A transaction in which one or more partners purchase the ownership interest of a departing partner, typically at an agreed valuation.",{"term":52,"definition":254},"The underlying legal contract governing the terms, price, and conditions of the buyout — separate from this announcement letter.",{"term":256,"definition":257},"Effective Date","The specific calendar date on which the ownership transfer is legally complete and the new structure takes effect.",{"term":259,"definition":260},"Remaining Partner","The partner or partners who continue operating the business after the departing partner's interest has been purchased.",{"term":262,"definition":263},"Departing Partner","The partner whose ownership interest is being sold or transferred as part of the buyout transaction.",{"term":265,"definition":266},"Business Continuity","The assurance that operations, client relationships, contracts, and services will continue without interruption following the ownership change.",{"term":268,"definition":269},"Stakeholder","Any person or organization with a direct interest in the business — including clients, employees, suppliers, lenders, and regulators.",{"term":271,"definition":272},"Partnership Interest","An owner's proportional share in a partnership, including their rights to profits, losses, and a say in business decisions.",{"term":274,"definition":275},"Successor Entity","The continuing business entity — under the same or a revised name — that operates after the buyout is complete.",[277,282,287,292,297,302,307,312,317],{"name":278,"plain_english":279,"sample_language":280,"common_mistake":281},"Subject line and date","The letter's heading that identifies its purpose at a glance and records the date it was sent.","Date: [DATE] | Subject: Announcement of Partnership Buyout — [BUSINESS NAME]","Omitting a clear subject line. Without one, recipients may not understand the letter's significance until the second paragraph, delaying their response.",{"name":283,"plain_english":284,"sample_language":285,"common_mistake":286},"Recipient address block","The name and address of the person or organization receiving the letter, used for formal correspondence and record-keeping.","[RECIPIENT NAME] | [TITLE] | [COMPANY NAME] | [ADDRESS LINE 1] | [CITY, STATE, ZIP]","Sending a generic undated copy to all stakeholders rather than personalizing each letter. A client who sees another client's name in the header loses confidence immediately.",{"name":288,"plain_english":289,"sample_language":290,"common_mistake":291},"Opening statement","A direct declaration that a partnership buyout has occurred, naming the parties and the effective date.","We are writing to inform you that, effective [DATE], [REMAINING PARTNER NAME] has completed the purchase of [DEPARTING PARTNER NAME]'s ownership interest in [BUSINESS NAME].","Burying the ownership change in the second or third paragraph. State the core fact in the first sentence so the reader understands the letter's purpose immediately.",{"name":293,"plain_english":294,"sample_language":295,"common_mistake":296},"Background and context","A brief, neutral explanation of why the buyout occurred — framed positively or neutrally to maintain stakeholder confidence.","After [X] years of successful partnership, [DEPARTING PARTNER NAME] has decided to pursue other interests. This transition was completed on mutually agreed terms, and we wish [DEPARTING PARTNER NAME] well in future endeavors.","Oversharing the reasons for the departure — especially any conflict or dispute. Even factual negative details damage trust with clients and are unnecessary in a public-facing letter.",{"name":298,"plain_english":299,"sample_language":300,"common_mistake":301},"Business continuity assurance","A clear statement that operations, services, and existing commitments will continue unchanged under the new ownership structure.","We want to assure you that [BUSINESS NAME] will continue to operate without interruption. All existing contracts, service agreements, and terms of business remain fully in effect.","Omitting this clause entirely. Without an explicit continuity statement, clients and vendors will wonder whether their contracts are still valid — and some will contact competitors preemptively.",{"name":303,"plain_english":304,"sample_language":305,"common_mistake":306},"Introduction of continuing leadership","Identifies who will now lead the business and provides updated contact information so stakeholders know who to reach.","[REMAINING PARTNER NAME] will continue to serve as [TITLE] and will be your primary point of contact going forward. You can reach [HIM/HER/THEM] at [EMAIL] or [PHONE NUMBER].","Not updating contact details when the departing partner was the main client contact. Failing to redirect communication causes missed inquiries and lost business.",{"name":308,"plain_english":309,"sample_language":310,"common_mistake":311},"Transition support statement","Notes that the departing partner will assist with the handover for a defined period, where applicable, to reassure stakeholders of a smooth transition.","[DEPARTING PARTNER NAME] will be available to assist with the transition through [DATE] to ensure continuity for all ongoing matters.","Including this clause when no transition period has actually been agreed. Promising availability the departing partner has not committed to sets expectations that won't be met.",{"name":313,"plain_english":314,"sample_language":315,"common_mistake":316},"Invitation to contact with questions","Encourages recipients to reach out with any questions or concerns, reinforcing openness and accessibility.","Should you have any questions regarding this change or wish to discuss how it affects your relationship with [BUSINESS NAME], please do not hesitate to contact us at [CONTACT DETAILS].","Providing no contact details in this clause. Inviting questions without giving a direct email or phone number creates frustration and reflects poorly on the business.",{"name":318,"plain_english":319,"sample_language":320,"common_mistake":321},"Closing and signature block","A professional closing that thanks the recipient for their continued relationship, followed by the sender's name and title.","We value your continued trust and look forward to serving you. Sincerely, [REMAINING PARTNER NAME] | [TITLE] | [BUSINESS NAME] | [DATE]","Signing only with the business name and omitting the individual's name. Stakeholders want to know who is accountable — a personal signature adds credibility and accountability.",[323,328,333,338,343,348],{"step":324,"title":325,"description":326,"tip":327},1,"Confirm the effective date with your legal team","Identify the exact date the buyout transaction closed — this is the date the ownership transfer became legally effective, not the date negotiations concluded.","The effective date on this letter must match the date on your Buyout Agreement. Inconsistencies between the two documents create confusion during audits or disputes.",{"step":329,"title":330,"description":331,"tip":332},2,"List all stakeholder groups who need to receive the letter","Compile separate recipient lists for clients, vendors, employees, lenders, and any government or regulatory bodies that registered the original partnership. Each group may need a slightly tailored version.","Check your original partnership registration filings — some jurisdictions require formal written notice to a government registry within 30 days of a partner change.",{"step":334,"title":335,"description":336,"tip":337},3,"Enter the names of both partners and the business","Use the full legal names of the remaining partner, the departing partner, and the registered business name exactly as they appear in your partnership agreement.","If the business is rebranding or renaming as part of the buyout, note the new name here and in the continuity clause — do not assume stakeholders will infer the connection.",{"step":339,"title":340,"description":341,"tip":342},4,"Draft the background and context clause","Write a brief, neutral statement explaining the transition. Keep it positive or factual — avoid language that implies disagreement, legal action, or financial difficulty.","Have the departing partner review and approve this clause before sending. Their agreement on the wording reduces the risk of a follow-up dispute about how the departure was characterized.",{"step":344,"title":345,"description":346,"tip":347},5,"Update contact details throughout the letter","Replace all contact information placeholders with current details for the remaining partner — email, phone, and physical address. Verify that any email addresses referenced are active and monitored.","If the departing partner's email will be forwarded or deactivated, state that explicitly so recipients know not to use the old address.",{"step":349,"title":350,"description":351,"tip":352},6,"Personalize and send each letter","Insert each recipient's name and address into the address block. Send by email with a PDF attachment, or by post for formal legal or financial relationships.","For key clients representing significant revenue, follow up the letter with a personal phone call from the remaining partner within 48 hours of sending.",[354,358,362,366],{"mistake":355,"why_it_matters":356,"fix":357},"Delaying the announcement after the buyout closes","Stakeholders who hear about the change through unofficial channels — from the departing partner, industry contacts, or social media — feel blindsided and lose trust in the business.","Send the announcement within five business days of the effective date. Draft the letter in advance of closing so it is ready to deploy immediately.",{"mistake":359,"why_it_matters":360,"fix":361},"Using the departing partner's personal name in the business name field","If the partnership traded partly under the departing partner's name, clients may assume the business is closing rather than continuing, prompting them to seek alternatives.","Clarify the business's registered or trading name explicitly, and address any name change or continuity of branding in the business continuity clause.",{"mistake":363,"why_it_matters":364,"fix":365},"Omitting the business continuity assurance","Clients and vendors reading about an ownership change will immediately wonder whether their contracts, pricing, and service terms are still in effect — silence invites them to renegotiate.","Include a clear, explicit statement that all existing agreements remain valid and that day-to-day operations continue without interruption.",{"mistake":367,"why_it_matters":368,"fix":369},"Sending a single generic letter to all stakeholder groups without customization","Employees need different information than clients; lenders need different assurances than suppliers. A one-size-fits-all letter either over-discloses to some groups or under-communicates to others.","Create at least two versions — one for external stakeholders (clients, vendors) and one for internal audiences (employees, management) — adjusting tone and detail accordingly.",[371,374,377,380,383,386,389,392],{"question":372,"answer":373},"What is an announcement of partnership buyout?","An announcement of partnership buyout is a formal business letter that notifies clients, employees, vendors, and other stakeholders that one partner has purchased another's ownership interest in the business. It records the effective date of the change, identifies the parties involved, and provides assurance that the business will continue operating normally under the remaining partner's leadership.\n",{"question":375,"answer":376},"When should I send a partnership buyout announcement?","Send the announcement within five business days of the buyout's effective date — the date the transaction legally closed. Sending it earlier, before the deal is final, risks having to retract or correct it. Sending it later allows informal word to spread first, which damages stakeholder confidence more than a late formal notice would.\n",{"question":378,"answer":379},"Who should receive a partnership buyout announcement?","All direct stakeholders: active clients, key vendors and suppliers, lending institutions, employees, and any government registries that hold the original partnership filing. For regulated industries, check whether professional licensing bodies or industry regulators also require formal written notice of an ownership change.\n",{"question":381,"answer":382},"Does a partnership buyout announcement need to be signed?","No formal signature is legally required for the announcement letter itself to be effective as a communication. However, including the remaining partner's name and title in the signature block adds personal accountability and makes the letter more credible than one signed only with the business name.\n",{"question":384,"answer":385},"Is this letter legally binding?","The announcement letter itself is not a legally binding document — it is a communication notice. The binding elements of the buyout are contained in the underlying Buyout Agreement or Partnership Dissolution Agreement. This letter simply informs stakeholders that the transaction has occurred.\n",{"question":387,"answer":388},"What should I avoid saying in a partnership buyout announcement?","Avoid any reference to disputes, disagreements, or financial difficulty that contributed to the buyout. Do not speculate about the departing partner's future plans unless confirmed in writing. Keep the tone neutral to positive — the goal is to retain stakeholder confidence, not to explain the internal dynamics of the transition.\n",{"question":390,"answer":391},"Do I need a lawyer to write a partnership buyout announcement?","Generally, no. This letter is a business communication, not a legal document. A well-structured template covers the required elements for most standard buyouts. However, if the buyout involved litigation, complex restructuring, or regulatory filings, have legal counsel review the letter before distribution to ensure it does not inadvertently make admissions that could be used in a dispute.\n",{"question":393,"answer":394},"Should the departing partner sign the buyout announcement?","There is no requirement for both parties to sign the announcement letter. However, having the departing partner review and approve the wording — especially the background and transition clauses — reduces the risk of a later dispute about how their departure was characterized publicly.\n",[396,400,404,408],{"industry":397,"icon_asset_id":398,"specifics":399},"Professional Services","industry-professional-services","Law firms, accounting practices, and consulting partnerships rely on personal client relationships, making a prompt and personalized buyout announcement critical to preventing client attrition.",{"industry":401,"icon_asset_id":402,"specifics":403},"Healthcare","industry-healthtech","Medical and dental partnerships must notify patients and often relevant licensing boards of an ownership change, with some jurisdictions requiring formal regulatory filings alongside the announcement.",{"industry":405,"icon_asset_id":406,"specifics":407},"Retail and Hospitality","industry-retail","Customer-facing businesses use the announcement to reassure regular customers that service standards, loyalty programs, and pricing will continue unchanged under the new ownership structure.",{"industry":409,"icon_asset_id":410,"specifics":411},"Construction and Trades","industry-construction","Contractor partnerships with active project clients need to confirm that project timelines, warranties, and subcontractor relationships remain intact after the partner change.",[413,416,419,422],{"vs":237,"vs_template_id":414,"summary":415},"announcement-of-new-business-partner-D1385","An announcement of new business partner introduces an incoming partner joining the firm, whereas a buyout announcement explains that one partner has purchased another's share and the departing partner is leaving. Use the new-partner announcement when the ownership group is expanding; use the buyout announcement when it is contracting or restructuring.",{"vs":233,"vs_template_id":417,"summary":418},"D{PARTNERSHIP_DISSOLUTION_ID}","A notice of partnership dissolution announces that the entire partnership is ending and the business is winding down. A buyout announcement communicates the opposite — that the business continues under sole or remaining ownership. If any partners remain and the company keeps operating, use the buyout announcement, not a dissolution notice.",{"vs":60,"vs_template_id":420,"summary":421},"announcement-of-merger-D1392","A merger announcement notifies stakeholders that two separate businesses are combining into one entity. A buyout announcement addresses an internal ownership change within an existing partnership. Mergers involve two or more previously independent organizations; buyouts involve one partner acquiring another's share in the same firm.",{"vs":423,"vs_template_id":424,"summary":425},"Change of Business Ownership Letter","D{CHANGE_OF_OWNERSHIP_ID}","A change of business ownership letter covers the transfer of a business from one unrelated owner to another — for example, a sale to a third-party buyer. A partnership buyout announcement is specific to the internal transfer of one partner's interest to another existing partner. The tone and context differ significantly because stakeholder relationships in a buyout scenario are already established.",{"use_template":427,"template_plus_review":431,"custom_drafted":435},{"best_for":428,"cost":429,"time":430},"Most standard partnership buyouts where the business continues operating under an existing partner","Free","15–30 minutes",{"best_for":432,"cost":433,"time":434},"Buyouts involving regulatory notifications, professional licensing bodies, or clients under long-term contracts","$150–$400 for a brief attorney or communications advisor review","1–2 days",{"best_for":436,"cost":437,"time":438},"High-stakes buyouts with litigation history, public-facing brands, or complex multi-jurisdiction stakeholder obligations","$500–$1,500 for legal or PR-assisted drafting","3–5 days",[238,242,440,441,442,443,444,445,446,447,448,449],"partnership-agreement-D12551","letter-of-intent_acquisition-of-business-D5197","business-transfer-agreement-D12552","notice-of-termination-D517","buy-sell-agreement-D12611","non-disclosure-agreement-nda-D12692","letter-of-resignation-D512","unilateral-liability-release-D1045","announcement-of-change-of-address-D1379","adhesion-to-the-unanimous-shareholder-agreement-D848",{"emit_how_to":451,"emit_defined_term":451},true,{"primary_folder":453,"secondary_folder":454,"document_type":455,"industry":456,"business_stage":457,"tags":458,"confidence":463},"business-administration","stakeholder-correspondence","letter","general","transition",[457,459,460,461,462],"partnership-buyout","stakeholder-communication","announcement","legal-notice",0.85,"\u003Ch2>What is an Announcement of Partnership Buyout?\u003C/h2>\n\u003Cp>An \u003Cstrong>Announcement of Partnership Buyout\u003C/strong> is a formal business letter issued by the remaining partner or partners to notify clients, employees, vendors, lenders, and other stakeholders that one partner has purchased another's ownership interest in the business. It identifies both parties by name, records the effective date of the transaction, and provides clear assurance that the business will continue operating without interruption. Unlike the underlying Buyout Agreement — which is a legally binding contract — this letter is a professional communication designed to preserve stakeholder confidence and prevent uncertainty following an ownership change.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>When a partner leaves a business through a buyout, the people who depend on that business — clients, suppliers, and staff — notice. Without a timely, well-worded announcement, they draw their own conclusions: that the business is in financial trouble, that contracts may not be honored, or that they should start talking to competitors. The cost of that uncertainty is real. Clients preemptively look for alternatives. Vendors tighten payment terms. Employees begin updating their resumes. A prompt, professional announcement letter closes that window of uncertainty before it opens. It directs the narrative, names the point of contact going forward, and confirms that existing agreements remain valid — three assurances that no rumor or informal update can reliably deliver. This template gives you a complete, correctly structured letter you can personalize and send within minutes of a buyout closing.\u003C/p>\n",1780924299307]