GeneralPartnershipAgreement.docx
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GeneralPartnershipAgreement.docx
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GeneralPartnershipAgreement
GeneralPartnershipAgreementofaBusiness
OwnedbyIndividuals
ARTICLESOFPARTNERSHIPOF^ABCDASSOCIATES
ARTICLESOFPARTNERSHIPof^,^,^,and^,dated^,19^.
RECITAL
Thepartiesheretowish:
(a)toentertogetherintothebusinessofpurchasing,acquiring,operating,leasing,owningandsellingrealproperty,includingbutnotlimitedtothatcertainparceloflanddescribedonExhibitAheretoandallimprovementsconstructedthereonand
(b)inordertoprovideforandcarryouttheforegoing,toformanddobusinessasageneralpartnershipunderandpursuanttoIllinoislaw.
NOWTHEREFORE,inconsiderationofthepremisesandthemutualcovenantsandagreementssetforthherein,thepartiesagreeasfollows:
Definitions
AsusedinthisAgreementthetermslistedbelowwillhavethemeaningsstatedbelow,andothertermsdefinedelsewherewillhavethemeaningsthereascribedtothem:
"Agreement"or"thisAgreement":
theseArticlesofPartnership.
"Bankruptcy":
withrespecttoanyPerson,shallmeanthatsuchPersonshallhavebecomeinsolventorgenerallyfailedtopay,oradmittedinwritinghisoritsinabilitytopay,debtsastheybecomedue;orshallhaveappliedfor,consentedto,oracquiescedintheappointmentof,atrustee,receiverorothercustodianforsuchPersonoranypropertyofsuchPerson,orsuchPersonmakesageneralassignmentforthebenefitofcreditors;or,intheabsenceofsuchapplication,consentoracquiescence,atrustee,receiverorothercustodianisappointedforsuchPersonorforasubstantialpartofthepropertyofsuchPersonandisnotdischargedwithsixtydays;oranybankruptcy,reorganization,debtarrangement,orothercaseorproceedingunderanybankruptcyorinsolvencylaw,oranydissolutionorliquidationproceedingiscommencedinrespectofsuchPersonandifsuchcaseorproceedingisnotcommencedbysuchPerson,itisconsentedtooracquiescedinbysuchPersonorremainsforsixtydaysundismissed;orsuchPersontakesanyactiontoauthorize,orinfurtheranceof,anyoftheforegoing.
"Partner":
eachoranyofthepartiesheretoandanyotherPersonorentitythatmayhereafterbecomeapartnerofthisPartnershippursuanttothetermsofthisAgreement.
"Partnership":
thegeneralpartnershipformedunderandpursuanttothisAgreement.
"Person":
anaturalperson,partnership,corporation,unincorporatedassociation,trust,estateoranyotherentity.
"Retirement":
thedeterminationofaPartner,ofwhichnoticeshallhavebeengiventoallotherPartners,nolongertocontinueasaPartner.
Section1
NAME
ThenameofthePartnershipshallbe"^ABCDAssociates."
Section2
PRINCIPALPLACEOFBUSINESS
ThePartnership'sprincipalofficeandplaceofbusiness(the"Office")shallbe^,^,Illinois.
ThePartnershipshallhavesuchotheroradditionalofficesasthePartnersmayfromtimetotimedesignateinaccordancewiththisAgreement.
Section3
BUSINESSANDPURPOSE
3.1.ThePartnership'sbusinessandpurposearetoacquire,hold,manage,operate,develop,sellandleaserealpropertyorintereststherein("Property"),includingbutnotlimitedtothatcertainparceloflandandallimprovementsconstructedthereondescribedonExhibitAhereto,andtoengageinanyotherbusinessthatthePartners,actinginaccordancewithSection8ofthisAgreement,shalldetermine.
3.2.ThePartnershipshallhaveauthorityandpowertoengageinanyotheractivitiesnecessarytoconductthebusinessdescribedinSection3.1including,bywayofillustrationandnotlimitation,arrangingforanddeliveringcontractsofsale,deeds,leases,deedsoftrust,groundleases,mortgages,notesandotherevidenceofindebtedness,securityagreements,andothersecurityinstruments;enteringintoagreementsfortheconstruction,designandmanagementofimprovements;anddoingallthingsreasonablyincidenttothedevelopment,management,leasingandsaleofProperty.
Section4
TERM
ThePartnershipshallcommenceonthedateofthisAgreementand,unlesssoonerterminatedinaccordancewiththisAgreement,shallcontinueuntilthecloseofbusinesson^,19^.
Section5
CAPITALCONTRIBUTIONS
5.1.TheinitialcapitalcontributionofeachPartnertothePartnershipshallbemadewithin^daysfollowingthedateofthisAgreementintheamountsetforthbelowafterhisorhername:
NameofPartner
AmountofInitial
Contribution
^
$^
^
$^
^
$^
^
$^
5.2.AnindividualcapitalaccountshallbemaintainedforeachPartnerandshallconsistofhisorherinitialcapitalcontribution,increasedby(a)additionalcapitalcontributionsmadebyhimorherand(b)hisorhershareofPartnershipprofitsandgains,anddecreasedby(i)distributionsofprofitsandcapitaltohimorherand(ii)hisorhershareofPartnershiplosses,deductionsandcredits,andotherwiseinaccordancewithgenerallyacceptedaccountingprinciples.
5.3.ExceptasspecificallyprovidedinthisAgreementorbyapplicablelaw,noPartnershallhavetherighttowithdrawhisorhercontributionstothecapitalofthePartnership.
Section6
PARTNERSHIPINTERESTS
6.1.EachPartner'sinterestinthePartnership(hisorher"PartnershipInterest")shallbeasfollows:
NameofPartner
PartnershipInterest
^
^%
^
^%
^
^%
^
^%
Total
100%
6.2.Allprofitsandlosses,andallitemsofincome,gain,loss,deductionorcredit,shallbesharedbythePartnersinaccordancewiththeirrespectivePartnershipInterests.
Section7
DISTRIBUTIONOFPROFITS
7.1.TheNetCashFromOperations(asdefinedinSection7.2)ofthePartnershipshallbedistributedtothePartnersinaccordancewiththeirrespectivePartnershipInterestsatsuchregulartimeortimesasthePartnersactinginaccordancewithSection8shalldetermine;providedthatnodistributionofNetCashFromOperationsshallbemadeatanytimewhenanyInstallmentofPurchasePrice(asdefinedinSection19)shallbedueandowingbutunpaid.
7.2.AsusedinthisSection7,theterm"NetCashFromOperations"means,withrespecttoanyperiodintime:
7.2.1.ThetaxableincomeofthePartnershipforfederalincometaxpurposesasshownonthebooksofthePartnershipforsuchperiod,increasedby:
(a)thedepreciationandamortizationdeductionstakenincomputingsuchtaxableincome,and
(b)anynon-taxableincomeorreceiptsofthePartnershipforsuchperiod,reducedby:
(i)paymentsmadeduringsuchperiodofprincipalofanyindebtednessofthePartnershipforborrowedmoney,and
(ii)suchexpendituresandreservesforcapitalimprovementsorreplacements,repairs,otheranticipatedexpensesandworkingcapitalneedsasthePartners,actinginaccordancewithSection8,shalldeemreasonablynecessaryfortheconductofthebusiness;
plus:
7.2.2.Anyotherfunds(includingwithoutlimitationamountsearliersetasideforreservesbutnolongerdeemednecessaryforsuchpurpose)deemedavailableforthedistributionbythePartnersactinginaccordancewithSection8.
7.3.InadditiontoregulardistributionsmadepursuanttoSection7.1,uponanysale,transferorotherdispositionofanycapitalassetofthePartnership(hereinafterreferredtoasa"Disposition"),theproceedsofsuchDispositionnetofsellingorotherexpensesandtherepaymentofindebtednesssecuredbytheassetsubjecttotheDisposition(the"NetProceeds")shallberetainedbythePartnershiporbedistributedtothePartnersinproportiontotheirrespectivePartnershipInterests,allasthePartnersactinginaccordancewithSection8shalldetermine.
Section8
MANAGEMENTOFTHEPARTNERSHIP
8.1.ExceptasallofthePartnersmayotherwiseagreeinwriting,allactionsanddecisionsrespectingthemanagement,operationandcontrolofthePartnershipanditsbusiness(includingwithoutlimitationalldeterminationsreferredtointhisAgreement)maybetakenormadewith(andshallnotbetakenormadeexceptwith)theconsentandagreementofPartnershavingaggregatePartnershipInterestsofnotlessthan^%.
8.2.EachPartnershalldevotetothebusinessofthePartnershipsomuchofhisorhertimeasshallinsuchPartner'ssolejudgmentbereasonablynecessaryfortheefficientoperationofthebusiness.
8.3.NothingcontainedinthisAgreementshallbedeemedtoconstituteanyPartnertheagentofanotherPartnerortolimitthePartnersinthecarryingonoftheirseparaterespectivebusinessactivities.WithoutlimitingtheforegoingitisexpresslyrecitedthatanyPartnermayengageinandpossessanyinterestinanybusinessorventureotherthanthebusinessofthePartnership,independentlyorwithotherpersons,andwhetherornotdirectlyorindirectlyincompetitionwiththebusinessofthePartnership,andneitherthePartnershipnoranyotherPartnershallhaveanyrightsbyvirtueofthisAgreementtoanysuchindependentbusinessortheincomeorprofitsderivedtherefrom.
Section9
SALARIES
UnlessotherwiseagreedbythePartnersactinginaccordancewithSection8ofthisAgreement,noPartnershallreceiveanysalaryorothercompensation(exceptforreimbursementofreasonableout-of-pocketexpensesincurredonthePartnership'sbehalf)forservicesrenderedtoorforthePartnership.
Section10
LEGALTITLETOPARTNERSHIPPROPERTY
LegaltitletothepropertyofthePartnershipshallbeheldinthenameof"^ABCDAssociates"orinsuchothernameormannerasthePartnersactinginaccordancewithSection8shalldetermine.ItiscontemplatedthatthePartnersmayagreetohavetitletoPartnershipPropertytakenandheldintheirownnamesorinthenamesoftrusteesornomineesforthePartnership,butsuchmannerofholdingtitleshallbesolelyfortheconven
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