Partnership Agreement Form - Free Download | Page 5
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(c) PROCEEDS AVAILABLE FROM DISSOLUTION. Upon dissolution and termination of
the Partnership, the proceed from the sale of all or substantially all of the Partnership
Property shall be distributed in the following order of priority:
(1) There shall be distributed to the Partnership creditors (other than partners)
funds to the extent available, sufficient to extinguish current Partnership liabilities
and obligations, including costs and expenses of liquidation;
(2) Any loans owed by the Partnership to the Partners shall be paid; and
(3) The balance shall be distributed to the Partners in accordance with the proper
Sharing Percentage as set forth in Article 4.02.
ARTICLE IX
OWNERSHIP OF PARTNERSHIP PROPERTY
9.01 OWNERSHIP OF COPYRIGHTS. The Partnership shall own for a period of
fifty (50) years all musical compositions which were written by
________________________ or any other copyrights acquired by the
Partnership under the term herein.
9.02 COPYRIGHT REVERSION. The ownership of copyrights exclusive of all
musical compositions written by ________________________________, or
other artist, and not commercially released on a phonorecord during the term of
such Agreement shall, in some cases, automatically revert back to the Songwriter
upon termination of the Songwriter Agreement and any extensions or renewals
thereof. Ownership in and to any musical composition which is commercially
released to the public by the Partnership shall remain Partnership property
subject to the terms contained in this Agreement and the Songwriter Agreement.
9.03 MASTER RECORDINGS. The Partnership shall own all master tape
recordings produced by the Partnership for promotion or resale.
ARTICLE X
OPERATION OF PARTNERSHIP
10.01 ADMINISTRATIVE AND OVERHEAD EXPENSES. The Partnership shall
reimburse the General Partner for Administrative and Overhead Expenses
incurred by him on behalf of the Partnership.
10.02 INDEPENDENT SERVICES. All costs and charges of outside professional
services, if any, which are related to the Partnership business, including legal
fees and any independent accounting and auditing fees and fees incurred in
connection with preparing Partnership federal income tax returns, shall be
performed under the direction of the General Partner and shall be charged to the
Partnership in accordance with generally accepted accounting procedures and
practices.
ARTICLE XI
