Client with a partnership. Original members are A & B. They sold a 10% share in the partnership to member C.
Client sends me the purchase agreement, and it turns out to be an Asset Purchase Agreement (APA), stating that the "asset" in the membership interest.
I haven't seen this before. I've always seen an APA used to buy assets, never an ownership of stock (I generally tend to work with S Corps mostly).
Can an APA be used to buy an ownership interest in a partnership?