Common use of Formation; Nature of Partnership Interests; Ownership of Partnership Property Clause in Contracts

Formation; Nature of Partnership Interests; Ownership of Partnership Property. (a) The Partnership was formed on July 9, 2012 as a limited liability company organized under the laws of the State of Nevada under the name “Xxxxxx Associates V, L.L.C.” and converted on November 4, 2016 to a limited partnership organized pursuant to the provisions of the Act and the laws of the State of Delaware under the name “XXXXXX ASSOCIATES V, L.P.” (b) Each Partner’s Partnership Interest shall be personal property for all purposes. (c) All Partnership Property shall be deemed owned by the Partnership as an Entity, and no Partner or Former Partner, individually, shall have a direct ownership interest in any Partnership Property.

Appears in 7 contracts

Samples: Limited Partnership Agreement (Rankin Alfred M Et Al), Limited Partnership Agreement (Rankin Alfred M Et Al), Limited Partnership Agreement (Rankin Alfred M Et Al)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!