General Partnership Agreement of A Business - Free Download | Page 5
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8.3. Nothing contained in this Agreement shall be deemed to constitute any Partner
the agent of another Partner or to limit the Partners in the carrying on of their separate
respective business activities. Without limiting the foregoing it is expressly recited that any
Partner may engage in and possess any interest in any business or venture other than the
business of the Partnership, independently or with other persons, and whether or not directly
or indirectly in competition with the business of the Partnership, and neither the Partnership
nor any other Partner shall have any rights by virtue of this Agreement to any such
independent business or the income or profits derived therefrom.
Unless otherwise agreed by the Partners acting in accordance with Section 8 of this
Agreement, no Partner shall receive any salary or other compensation (except for
reimbursement of reasonable out-of-pocket expenses incurred on the Partnership's behalf) for
services rendered to or for the Partnership.
LEGAL TITLE TO PARTNERSHIP PROPERTY
Legal title to the property of the Partnership shall be held in the name of "^ABCD
Associates" or in such other name or manner as the Partners acting in accordance with
Section 8 shall determine. It is contemplated that the Partners may agree to have title to
Partnership Property taken and held in their own names or in the names of trustees or
nominees for the Partnership, but such manner of holding title shall be solely for the
convenience of the Partnership and all such property shall be treated as Partnership Property
subject to the terms of this Agreement.
All revenues of the Partnership shall be deposited regularly in Partnership savings and
checking accounts in the name of the Partnership at such bank or banks as shall be selected
by the Partners acting in accordance with Section 8, and the signatures of such Partners as
shall be determined in accordance with Section 8 shall be designated to be honored for all