Income Accounts Clause Samples
The 'Income Accounts' clause defines how income generated from certain assets or activities is to be managed and recorded within an agreement. Typically, it specifies which party is entitled to receive income, how such income should be deposited or distributed, and may outline the procedures for tracking and reporting these funds. For example, in a trust or partnership context, this clause might require that all rental income or investment returns be deposited into a designated account for transparency. Its core practical function is to ensure clear allocation and management of income, thereby preventing disputes over entitlement and promoting financial accountability between the parties.
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Income Accounts. An individual income account shall be maintained for each Partner. At the close of each Partnership taxable year, or at more frequent intervals, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to, and that Partner's distributions received during each fiscal year shall be deducted from, that Partner's income account and any resulting balance or deficit shall be transferred to or charged against that Partner's capital account.
Income Accounts. An income account shall be maintained on the partnership books on behalf of each partner. Such account shall be closed to the capital account of the partner at the close of the fiscal year. As soon as practicable after the close of each fiscal year, and at such other times as the partners may decide, the income account of each partner shall be credited with that partner’s distributive share of profits with his or her share of the losses. Any losses to be debited to a partner’s income account that exceed the credit balance of such account shall be debited to that partner’s individual capital account. If, as result of debiting a partner’s individual capital account with the excess losses, his or her capital account is depleted, future profits of that partner shall be credited to his or her capital account until such depletion has been eliminated.
Income Accounts. The General Partner shall maintain a separate income account for each Partner. At the end of each fiscal year, the General Partner shall credit each Partner's Partnership Percentage of the net profits or net losses of the Partnership to each Partner's income account as provided herein. After any authorized withdrawals have been deducted from a Partner's income account, any balance or deficit remaining in the account shall be transferred to, or charged against, that Partner's Capital Account.
Income Accounts. An Income Account shall be maintained for each Member. At the end of each Fiscal Year, each Member’s Percentage Interest of the Company’s net profits or net losses, if not previously credited or debited, shall be credited or debited to such Member’s Income Account in accordance with Section 6. After such amounts have been credited or debited to the Income Accounts, any balance or deficit remaining in each Member’s Income Account at the end of such Fiscal Year shall be transferred to or charged against such Member’s Capital Account.
Income Accounts. A separate income account shall be maintained for each Member. Company profits, losses, gains, deductions, and credits shall be charged or credited to the separate income accounts annually unless a Member has no credit balance in his or her income account, in which event losses shall be charged to his or her capital account, except as provided in Section 3.1. The profits, losses, gains, deductions, and credits of the Company shall be distributed or charged to the Members as provided in Section 3.3. No interest shall be paid on any credit balance in an income account.
Income Accounts. An individual income account shall be maintained for each Partner. At the end of each fiscal year, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to and his withdrawals during such fiscal year deducted from, his income account. After such amounts have been credited or debited to and deducted from a Partner's account, any balance or deficit remaining in such account shall be treated as a loan to or from the Partnership payable on demand with interest at the then prime rate established by Bank of America, NT&SA, San Francisco, California (not to exceed ten percent (10%), and shall not be transferred to or charged against such Partner's capital account. Said interest shall start accruing at the end of each fiscal year, on any balance or deficit remaining. At the election of the Partners holding at least two-thirds (2/3) of the ownership interest in the Partnership, any credit in the income account may be paid to the Partners at the end of the fiscal year of the Partnership.
Income Accounts. Individual income accounts shall be maintained for each partner. Withdrawal from income accounts shall only be in proportion to the sharing of net profits as described in Article X. Each partner's share of any partnership loss shall be first charged against its income account, and any excess net loss shall thereafter be charged against its operating capital account. Each partner's share of the partnership net profits shall be credited to its income account. The partners may determine by unanimous vote to transfer to partnership operating capital all or any portion of the credit balances of the income accounts of the partners.
Income Accounts. In addition to a capital account, there shall be maintained for each partner an income account, which shall be credited or charged with the net profits and/or net losses of the PARTNERSHIP.
Income Accounts. The Board of Directors of the Joint Venture shall agree upon and determine the necessity and requirements of Income Accounts within forty-five (45) days of the date of incorporation of the Joint Venture.
Income Accounts. An individual income account will be maintained for each Partner. At