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this is the third blog post in our business law acronym series that focuses on defining some of the most commonly used acronyms in business law. a “mipa” is a “membership interest purchase agreement.” a mipa is used by a member of an llc to sell all or a portion of his or her membership interest in the llc to another party. the key terms in a mipa include the purchase price, instructions for closing, and representations and warranties for each party. the parties will want to ensure that the transfer complies with any applicable restriction, and may want to have the new member execute a subscription agreement expressly accepting the terms of the operating agreement or buy-sell agreement. the key terms in the spa will include a purchase price, representations and warranties of both parties, and instructions for closing.