Duties and Rights of Partners. General Partner shall diligently and exclusively apply himself in and about the business of the Partnership to the utmost skill and on a full-time basis. No Limited Partner shall have any right to be active in the conduct of the Partnership’s business, nor have power to bind the Partnership in any contract, agreement, promise, or undertaking.
Duties and Rights of Partners. The duties, rights, privileges and obligations of Partners shall be determined by the Management Board from time-to-time.
Duties and Rights of Partners. General partner shall diligently and exclusively apply [himself/herself] in and about the business of the partnership to the utmost of [his/her] skill and on a full-time basis. General partner shall not engage directly or indirectly in any business similar to the business of the partnership at any time during the term of this agreement without obtaining the written approval of all other partners. General partner shall be entitled to [number of days] days’ vacation and [number of days] days’ sick leave in each calendar year, commencing with the calendar year [identification of year]. If general partner uses sick leave or vacation days in a calendar year in excess of the number specified above, the effect on [his/her] capital interest and share of the profits and losses of the partnership for that year shall be determined by a majority vote of limited partners. No limited partner shall have any right to be active in the conduct of the partnership’s business, nor have power to bind the partnership in any contract, agreement, promise, or undertaking.
Duties and Rights of Partners
