Partnership Agreement Form - Free Download | Page 3
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GENERAL PARTNER 20%
LIMITED PARTNER 80%
(b) The Sharing Percentages of the Partners from the date the losses as per Form 1065
equal the amount of their respective capital contributions until Payout shall be:
GENERAL PARTNER 50%
LIMITED PARTNER 50%
(c) The Sharing Percentages of the Partners after Payout shall be:
GENERAL PARTNER 50%
LIMITED PARTNER 50%
4.02 TAXABLE INCOME PER FORM 1065
(a) Prior to Payout:
GENERAL PARTNER 40%
LIMITED PARTNER 60%
(b) After Payout:
GENERAL PARTNER 60%
LIMITED PARTNER 40%
ARTICLE V
CAPITAL CONTRIBUTIONS OF PARTNERS
5.01 CAPITAL CONTRIBUTIONS. The Capital Contributions of the Partners
shall aggregate not less than $51,000 (fifty one thousand dollars) shall be made
as follows:
(a) GENERAL PARTNER $ __________
(b) LIMITED PARTNER $ _________ payable upon execution of this Agreement.
5.02 ASSESSMENTS AND ADDITIONAL CONTRIBUTIONS. No assessments
of additional contributions shall be required of the Partners.
ARTICLE VI
CAPITAL ACCOUNTS
6.01 CAPITAL ACCOUNTS. Capital accounts shall be established and
maintained for each Partner and shall be adjusted as follows:
(a) The capital account of each Partner shall be increased by:
(1) The amount of his capital contribution to the Partnership;
(2) The amount of net income from operations allocated to such Partner pursuant
to Article VII.
(b) The capital account of each Partner shall be decreased by:
(1) The amount of losses from operations allocated to such Partner pursuant to
Article VII;
