In the event that one partner assigns their interest, what right does the assignee have?

When a partner assigns their interest in a partnership, the assignee typically receives the right to receive profits that are attributable to the assigned interest. This means that the assignee can expect to benefit from the financial returns generated by the partnership, essentially stepping into the shoes of the assigning partner regarding profit distribution.

However, the assignee does not automatically gain the right to actively manage the partnership, make decisions, or dissolve the partnership. Those rights are generally retained by the remaining partners unless specifically stated otherwise in the partnership agreement. Therefore, while the assignee has the right to profits, the other rights associated with partnership management and decision-making remain with the other partners.

This dynamic highlights the nature of assignment in partnerships, where ownership of a financial interest does not equate to control or managerial rights within the partnership structure.