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Sample Partnership Agreement 3

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Sample Partnership Agreement 3 Page 3
Sample Partnership Agreement 3
SAMPLE
LOMAS Administrative Form
Form No.09689, page 3 of 16
ARTICLE VI
Income Accounts
A. Income Accounts. Individual income accounts shall be maintained for each partner.
Withdrawal from income accounts shall only be in proportion to the sharing of net profits as
described in Article X. Each partner's share of any partnership loss shall be first charged against its
income account, and any excess net loss shall thereafter be charged against its operating capital
account. Each partner's share of the partnership net profits shall be credited to its income account.
The partners may determine by unanimous vote to transfer to partnership operating capital all or any
portion of the credit balances of the income accounts of the partners.
B. Withdrawals in Anticipation of Partnership Profits. At the close of each month
during the term hereof, the partners may draw against their income accounts in an amount that may
be in excess of the current balance therein in accordance with the following procedure: No such
withdrawal may be made until after payment of all partnership expenses for such month and the
maintenance of $_______ in the partnership operating account (or such greater amount as may be
deemed necessary by the partnership). Under such circumstances the excess over $______ in the
partnership operating account shall be distributed to each partner in the same proportion to the
sharing of net profits described in Article X. At the end of each fiscal quarter during the partnership
fiscal year, the partners agree to adjust the amounts withdrawn hereunder so that all withdrawals
during such quarter are cumulatively made in the same proportion as the sharing of net profits
described in Article X.
ARTICLE VII
Partnership Property
A. Partnership Property. Any property paid, brought into, or transferred to the
partnership as capital contributions of the partners, or subsequently acquired by purchase or
otherwise, on account of the partnership, is partnership property. Partnership property shall include
all case files whether active or inactive.
B. Property to be in Partnership Name. The title to all partnership property shall be held
in the name of the partnership.
ARTICLE VIII
Rights, Duties and Liabilities of Partners
A. Diligence in and Application to Partnership Business. The partners will at all times
during the continuance of the partnership diligently employ themselves in the business of the
partnership and carry on the same for the greatest advantage to its interest. Each and every one of
the partners shall apply to the best of its ability all of its experience, training, and talents in the
Sample Partnership Agreement 3
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