LLCs/LPs: Assignment of LLC/LP Interests (Simple)

This legal template concerns the assignment of interests in Limited Liability Companies (LLCs) and Limited Partnerships (LPs) under the jurisdiction of USA law. An LLC or LP interest refers to the ownership stake or membership in a particular LLC or LP. This template outlines the process and terms for transferring or assigning these ownership interests, often referred to as units or shares, to another party. This simple version of the template implies that it is designed for straightforward assignments, without involving complex conditions or intricate contractual provisions. The document may address aspects like the assignment procedures, required consents, representations of the assignor, and the assignee's acknowledgement of assuming the assigned interests. It aims to provide legal clarity and protect the rights and responsibilities of both the assignor and assignee in the context of LLC and LP ownership transfers within the framework of USA law.