An interest transfer agreement usually refers to a partnership interest transfer agreement whereby one partner transfers his rights to a company or business to another partner. In this way, the owner of the business entity is legally changed. This agreement is mostly used in a scenario where one partner wants to leave the business due to old age, to start another business, health issues etc, and in order to move on the transfers his interest in the business to the other partner.
An interest transfer agreement can be partial or complete. In case the partners want to share his interest with another family member, then only a part of interest is transferred to that family member instead of selling the whole rights. Other details to be included in the partnership agreement include the name of the person leaving the agreement and the person to whom the interest is being transferred. Besides that, the date of transfer is also mentioned.
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