When a partner sells their transferable interest, what rights does the buyer obtain?

When a partner sells their transferable interest in a partnership, the buyer acquires the seller's economic rights associated with that interest, which primarily include the right to receive distributions from the partnership and a share in the profits. However, this transfer does not grant the buyer full partnership status or any management rights within the partnership.

The retained rights of the original partner still govern areas such as decision-making and management, meaning the buyer does not obtain control over the partnership's operations. Additionally, the transaction does not dissolve the partnership; it simply changes the economic stake of one of its members while maintaining the collective partnership's integrity and structure. Hence, the correct understanding is that the buyer acquires property rights—the financial benefits associated with the sold interest—without gaining the obligations and privileges that come with being a full partner.