When one partner wants to end a partnership, it can cause major problems for the other(s). A partnership agreement should state how the business can be dissolved or a partnership transferred.
Partners usually go into business because they trust each another and enjoy working together. You could add a clause stating one partner cannot sell their share to a third party without offering the original remaining partner(s) an opportunity to buy out the other. Or, partners may need approval before they can sell to a particular party.
Some partnership agreements protect partners in the event of the death of one partner. The agreement may address the rights of heirs, i.e. allowing the remaining partners to buy the share of the deceased partner’s interest, rather than allowing a spouse or child to become a partner.
Partnership agreements can lay out who owns assets, such as the business name, customer list or recipes, if the business is dissolved.
Remember, under statutory law, if there is no formal partnership agreement to the contrary then profits and capital gains are automatically apportioned equally. This means that, for instance, if there are two partners they both receive 50%.