Sample Limited Partnership Agreement - Free Download | Page 2
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6. Term.
The Partnership shall commence on the date of the filing referred to in Section 5 and
shall continue in full force and effect until ^, 19^, unless sooner terminated pursuant to the
provisions of this Partnership Agreement.
7. Partners; Contributions; Etc.
(a) Initial Partners.
The name, business address and Capital Contribution (defined in Section 19) of the
General Partner and each Initial Limited Partner is set forth on Exhibit A to this Partnership
Agreement.
(b) Initial Capital Contributions.
Concurrently with the execution and delivery of this Partnership Agreement the General
Partner and each Initial Limited Partner has contributed such Partner's Capital Contribution in
full, in cash, to the capital of the Partnership.
(c) Authority to Admit Additional Limited Partners.
The General Partner is authorized to admit Additional Limited Partners to the
Partnership in accordance with the terms of this Partnership Agreement. The Capital
Contributions of all Additional Limited Partners shall be made in cash.
(d) Ownership by the General Partner of a
Limited Partnership Interest.
The General Partner shall also be (and shall be treated as) a Limited Partner to the
extent, if any, that it shall acquire a Partnership Interest of a Limited Partner under this
Partnership Agreement.
(e) No Interest on Capital.
No Partner shall be entitled to interest on any Capital Contribution or on such Partner's
Capital Account (defined in Section 19), notwithstanding any disproportion that may from time
to time exist therein as among the Partners.
(f) No Additional Capital Contributions Required.
No Partner shall be required to make any additional Capital Contribution to the
Partnership.
8. Duties and Powers of the General Partner;
Management of the Partnership Business.
(a) General and Specific Powers.
The General Partner shall have all of the rights and powers of a general partner as
provided in the Illinois RULPA and as otherwise provided by law and shall have sole and
exclusive management and control of the business and affairs of the Partnership. In
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