06 72 PARTNERSHIP ENTITY AGREEMENT (FIVE PARTNERS-NO TRUSTEE)

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

06-72 PARTNERSHIP ENTITY AGREEMENT (FIVE PARTNERS-NO TRUSTEE)

PARTNERSHIP ENTITY AGREEMENT

[Paragraphs same as form 71 of this chapter except as set out below.]

THIS AGREEMENT entered into this [day] day of [month, year], between [partnership name], a partnership with its principal place of business at [address] (the "Partnership"); and

[partner name] of [city]

[partner name] of [city]

[partner name] of [city]

[partner name] of [city]

and [partner name] of [city]

("Partners"); WITNESSETH:

WHEREAS, the Partners are doing business under the firm name of [partnership name], their respective interests in the Partnership being as follows:

[partner name] ... [percentage] percent;

[partner name] ... [percentage] percent;

[partner name] ... [percentage] percent;

[partner name] ... [percentage] percent;

[partner name] ... [percentage] percent;

1. Purchase and Sale of Deceased Partner's Interest: Upon the death of any Partner, the Partnership shall be continued by the surviving Partners and the Partnership shall purchase for the account of the survivors, and the executor or administrator (the "Legal Representative") of the deceased Partner shall sell to the Partnership the entire interest of the deceased Partner in the Partnership for the price and upon the terms and conditions herein stipulated. Such interest shall be divided among the surviving Partners in the proportions in which the value of each of their...