Common use of Balance Sheet, Appropriation of Earnings Clause in Contracts

Balance Sheet, Appropriation of Earnings. 1. Within three months after the end of the business year, the managers must prepare a balance sheet with a Profit and Loss Account for the previous year, while respecting legal provisions, and submit it to the partners’ assembly with the proposed appropriation of earnings. Insofar as legally permissible the period for this will be six months.