Partnership Agreement Article Re: Retirement of a Managing Partner


More Info
									A partnership agreement sets forth the terms and conditions that govern the relationship
between business partners and their obligations to the partnership. Without a written
partnership agreement, state law may determine the default rules as to the rights of
partners and how partnership assets and liabilities will be distributed. Depending on the
goals and purposes of the partnership, various provisions can be included in the
agreement detailing the rules that will govern the relationship between the partners and
what shall occur if specific contingencies arise. This partnership agreement article on
Retirement of a Managing Partner may be inserted into a partnership agreement and
can be modified depending on the partners’ specific needs.
                           PARTNERSHIP AGREEMENT ARTICLE

The Managing Partner may retire from his/her position as Managing Partner by providing thirty
(30) days notice to the other Partners in the Partnership pursuant to the Notice provision
contained in this Agreement. Retirement from the position of the Managing Partner is not a
withdrawal or resignation from the Partnership and shall not have any other significance other
than the removal of the duties and responsibilities of a Managing Partner.

The retirement of the Managing Partner will be effective after notice, and as soon as a substitute
Managing Partner is appointed. The Partners will select a new Managing Partner within
[number] days after notice of retirement is served on the Partners, but in no event later than thirty
(30) days.

© Copyright 2013 Docstoc Inc. registered document proprietary, copy not                  2

To top