General Partnership Agreement (Page 5 of 6) in pdf

General Partnership Agreement Page 5

General Partnership Agreement Exercises and Discussion Questions:

1. Explain the provisions of “Exhibit E: General Partnership Agreement,” Section 1

(“Partnership Name, Nature of Business, and Principal Office.”)

2. Explain the provisions of Exhibit E, Section 2 (“Partnership Duration.”)

3. Explain the provisions of Exhibit E, Section 3 (“Capital Contributions.”)

4. Explain the provisions of Exhibit E, Section 4 (“Interest on Capital Contributions.”)

5. Explain the provisions of Exhibit E, Section 5 (“Profit and Loss Allocations.”)

6. Explain the provisions of Exhibit E, Section 6 (“Salary and Income Withdrawal

Rights.”)

7. Explain the provisions of Exhibit E, Section 7 (“Managerial Duties and Restrictions on

Partnership Powers.”)

8. Explain the provisions of Exhibit E, Section 8 (“Banking Transactions.”)

9. Explain the provisions of Exhibit E, Section 9 (“Record-Keeping.”)

10. Explain the provisions of Exhibit E, Section 10 (“Voluntary Termination of

Partnership.”)

General Partnership Agreement Page 5