Common use of INTEREST AND AUTHORITY Clause in Contracts

INTEREST AND AUTHORITY. The Partners’ ownership interest in the Partnership will be as follows: [insert name of Partner 1]: [insert percentage]% [insert name of Partner 2]: [insert percentage]% The Partners’ authority will be defined by the following unless otherwise stated in the Agreement: Any decisions requiring a contract or otherwise will require a unanimous vote by all Partners. The Partnership qualifies and agrees to opt-out of appointing a partnership representative under 26 U.S. Code § 6221. V. COSTS The Partners will share costs according to the following percentages: [insert name of Partner 1]: [insert percentage]% [insert name of Partner 2]: [insert percentage]% VI. PROFITS The Partners will share the net profits of the Partnership according to the following percentages: [insert name of Partner 1]: [insert percentage]% [insert name of Partner 2]: [insert percentage]% The Profits will be accounted for by [insert name] and distributed at the end of the month according to the above percentages after the costs of the Partnership have been paid according to the above cost percentages.