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General Partnership Agreement of A Business

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General Partnership Agreement of A Business
General Partnership Agreement of A Business
General Partnership Agreement of a Business
Owned by Individuals
ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^.
The parties hereto wish:
(a) to enter together into the business of purchasing, acquiring, operating, leasing,
owning and selling real property, including but not limited to that certain parcel of land described
on Exhibit A hereto and all improvements constructed thereon and
(b) in order to provide for and carry out the foregoing, to form and do business as a
general partnership under and pursuant to Illinois law.
NOW THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein, the parties agree as follows:
As used in this Agreement the terms listed below will have the meanings stated below,
and other terms defined elsewhere will have the meanings there ascribed to them:
"Agreement" or "this Agreement": these Articles of Partnership.
"Bankruptcy": with respect to any Person, shall mean that such Person shall have
become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts
as they become due; or shall have applied for, consented to, or acquiesced in the appointment
of, a trustee, receiver or other custodian for such Person or any property of such Person, or
such Person makes a general assignment for the benefit of creditors; or, in the absence of such
application, consent or acquiescence, a trustee, receiver or other custodian is appointed for
such Person or for a substantial part of the property of such Person and is not discharged with
sixty days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding is
commenced in respect of such Person and if such case or proceeding is not commenced by
such Person, it is consented to or acquiesced in by such Person or remains for sixty days
undismissed; or such Person takes any action to authorize, or in furtherance of, any of the
"Partner": each or any of the parties hereto and any other Person or entity that may
hereafter become a partner of this Partnership pursuant to the terms of this Agreement.
"Partnership": the general partnership formed under and pursuant to this Agreement.
General Partnership Agreement of A Business