When a partner sells all or a portion of his or her partnership interest to an outside party, no entries are required on the partnership's books.

Name: When a partner sells all or a portion of his or her partnership interest to an outside party, no entries are required on the partnership's books.
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When a partner sells their interest, the partnership must update its records to reflect the change in ownership, even though the transaction is between the partner and the outside party.

When a Partner Sells All or a Portion of His