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General Partnership Agreement3 Page 7
Sample Partnership Agreement 3
LOMAS Administrative Form
Form No.09689, page 7 of 16
D. Monthly Statements. At the end of each month, the books shall be balanced and an
operating statement prepared and made available to each partner showing the results of operations
during the previous month.
E. Annual Accounting. The partnership books shall be closed at the end of each fiscal
year, and statements showing the results of operation prepared and supplied to all partners. Such
statements shall be prepared or audited by a certified public accountant to be agreed upon the
partners. When approved in writing by all partners, the annual statement shall be deemed final
and binding, except for manifest errors discovered prior to the end of the next fiscal year.
Approval of the annual statements by all partners shall be obtained in writing before final
distribution of the profits or assessment of remaining losses at the end of each fiscal year.
Excepting cases of manifest error, approval or objections to the accounting shall be made known
to the other partners within ______ days from the completion of the year-end tax return.
Admission of Partners
Additional partners may be admitted to this partnership on such terms as may be agreed on
in writing between all the partners and such new partners. If such writing is executed with the
same formalities as this agreement, the terms so agreed on shall constitute an amendment to this
partnership agreement.
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