Limited Liability Company - Partnership / Member Agreement (Page 3 of 3) in pdf

Limited Liability Company - Partnership / Member Agreement Page 3

proceeds of said sale shall be divided as herein provided.

9. DEATH OF A PARTNER - In the event of the death of a party hereto, the surviving partner(s), shall

within a period of thirty (30) days, give to the legal representative of the deceased partner, a true and

final account of all things relating to the partnership, and within a period of ninety (90) days, truly adjust

all matters with the legal representative of the deceased partner. The surviving partners shall have the

privilege of purchasing the interest of the deceased partner from his legal representative upon a true

and proper valuation of the interest of the deceased partner. The legal representative of the deceased

partner, during reasonable business hours, shall have access to the books of the partnership and

examine same personally or with the aid of other persons and make copies thereof or any portion

thereof without any interruption or hindrance; and should said partners be unable to ascertain the value

of any of the assets belonging to the partnership, said assets shall then be sold either at private or

public sale to be agreed upon by the parties hereto and a division of the proceeds of said sale shall be

divided as herein provided.

10. RESPONSIBILITY - It is agreed by and between the parties to these presents, that at ALL times

during the continuance of their partnership, they and each of them will give their attendance, and do

their best endeavors, and to the utmost of their skill and power, exert themselves for their joint interest,

profit, benefit and advantage.

11. DRAWINGS - It is further agreed that during the continuance of said partnership the parties hearto

shall mutually agree in writing, upon a weekly allowance shall be charged as an item of expense of the

partnership, or if otherwise agreed upon in writing, may be charged against their personal interest in

said business.

12: MODIFICATIONS - This instrument may not be changed orally. Any modifications of this

agreement must be by written supplemental agreement or by contract renewal executed by all parties

thereto.

IN WITNESS WHEREOF, the parties have hereunto signed this partnership agreement this

_________day of ______________________, 20____

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Limited Liability Company - Partnership / Member Agreement Page 3