Common use of Creation of Partnership Clause in Contracts

Creation of Partnership. PARTNERSHIP INTERESTS. The General Partner is the sole general partner and the Limited Partners are the sole limited partners of the Partnership. All Partnership profits, losses, and distributive shares of tax items accruing prior to the date of this Agreement shall be allocated in accordance with, and the respective rights and obligations of the Partners with respect to the period prior to the date of this Agreement shall be governed by, the Agreement of Limited Partnership of the Partnership that existed prior to this Agreement. No Partner has any interest in any Partnership property solely as a result of being a Partner and the interests of all Partners in the Partnership are, for all purposes, personal property.