Partnership Accounts. All funds of the Partnership shall be deposited in a separate bank account or accounts and only the General Partner, and such persons as may be designated by the General Partner, may sign checks and draw upon such account or accounts.
Partnership Accounts. 3.1 All partners will be liable (individually and together) for any money due to us.
3.2 Each Card, PIN and Personal Security Details are personal to the individual partner. Each partner must not let the other partner(s) use them. Where we send statements, we will only send one statement unless you tell us in writing that you require more than one partner to receive a copy of each statement. Where we make statements available, we will make them available to all partners.
3.3 You must notify us immediately if there is any change in the constitution of the partnership.
3.4 Notice to close the account under Condition 19 in Section A can be given by any partner or by the executors, personal representatives or trustees of a deceased or outgoing partner. However, if you have chosen for all partners to sign on the account, all partners must give the notice under Condition 19 in Section A.
3.5 If a partner ceases to be a member of the partnership, including as a result of death, we will treat the other partners as having full power to carry on the partnership business and they can continue to operate the account unless we receive written notice to the contrary. The account won‘t be considered part of the deceased person‘s estate. Notice can be given by any partner or by the executors, personal representatives or trustees of the outgoing or deceased partner. If only one partner remains, we may block the account until you have appointed a second partner. If you do not wish to appoint a second partner, you should open a new account for sole traders, into which we can transfer the funds.
3.6 If there is a dispute between the members of a partnership, the account shall continue to operate in accordance with the operating instructions provided to us, until such time as we are notified differently. Your right to operate your account is conditional upon us not receiving any notice of dispute between any of you. If one of you tells us of a dispute between you, we may treat this as notice of cancellation of the authority by all of you to operate the account on your own, in which case:
a) any new instruction on your account (including Payment Instructions for new standing orders or Direct Debits) will need the authority of all of you;
b) we may suspend certain services on your account including Online Banking;
c) we may require the return of any Card used on the account. Until all the Cards are returned, all transactions (including those carried out via self-service machines...
Partnership Accounts. 17.1 If the Account is owned by a partnership:
(a) when the Account is opened each partner, and each person who later joins the partnership, is deemed to be bound by the Contract;
(b) each former partner remains liable in relation to the Account unless released by us in writing;
(c) where we receive a deposit in favour of one or more of the partners, we may pay it into the partnership Account unless instructed otherwise; and
(d) each person authorised to operate the Account can do so as if all the partners had authorised the relevant operation.
Partnership Accounts. All funds of the Partnership shall be deposited in its name in an account or accounts maintained by a bank designated by the General Partner. Checks shall be drawn upon the Partnership account(s) only for purposes of the Partnership. The General Partner shall designate one or more persons to have authority to sign all Partnership checks and bind the Partnership thereto.
Partnership Accounts. If You are a partnership, including a limited partnership or joint venture, You agree that the Account is payable only to or on the order of the partnership, and not to any individual partner, except as payees on orders drawn on the Account. You represent that the partnership has taken all action necessary to open and maintain an Account and that any certificates or resolutions filed with Us in connection with the Account are true, accurate, complete, and will be kept up to date. We may act upon the instructions of the general partner(s), or any other person designated in the resolutions on any action or Transaction involving the Account.
Partnership Accounts. 3.1 Your Account Operating instructions will tell us how you want the Account to operate (for instance who can sign cheques on the Account) and how you want us to communicate with you.
3.2 When you are opening the Business Account, each Account holder will need to sign the Account Operating Instructions. We are required to confirm the identity of each Account holder (see section 2.2 and section 2.3 above).
3.3 You and each of the other Account holder(s) are responsible together and individually, for any amounts owing on the Account, including any overdrafts and loans. This means that if one of you breaches the terms of your Account, we may take action against you alone, or all of the Account holder(s), for the entire amount owing to us.
3.4 We will rely on any instruction relating to the Account that we receive from you, or any of the other Account holder(s), in accordance with the Account Opening Instructions for the Account (for instance, to withdraw monies from the Account) until we are informed by you, or by any of the other Account holder(s), of a disagreement between the Account holder(s). We may treat such notice as cancellation of the Account Opening Instructions relating to the Account and thereafter require all further instructions relating to the Account to be signed by you and all of the other Account holder(s). If necessary, we may also freeze the Account until we are satisfied that the dispute has been resolved. We may also ask for the return of unused cheques and suspend operation of our other Services such as debit card and Internet Banking.
Partnership Accounts. 7.1.1. The General Partner, or any Manager appointed from time to time, shall prepare and approve accounts of the Partnership in respect of each Accounting Period in accordance with generally accepted accounting practice in the United Kingdom, including a balance sheet, income and expenditure account, a statement of the amount of the income account, capital account and loan account of each Partner and a summary of movements in such accounts. These accounts will be presented in Pounds Sterling. The General Partner, or any Manager appointed from time to time, shall cause such accounts to be audited by the Auditors. A set of the audited accounts including the report of the Auditors and a statement of accounting policies (which at the date of this Agreement are intended to follow the principal policies set out in Schedule 6 but which may be varied by the General Partner with the agreement of the Auditors) shall be furnished to each Partner as soon as possible (but not later than 120 days) following the end of each Accounting Period.
7.1.2. Each Partner shall have, inter alia, a capital account, an income account, a capital contribution account and a loan account (if applicable) which will be operated as follows:
7.1.2.1. the Capital Contribution of each Partner shall be credited to his capital contribution account;
7.1.2.2. the Loan Participation drawdowns and Loan Participation repayments of [the Holding Fund][each Investor] shall be credited or debited to its loan account;
7.1.2.3. the Net Income allocated to each Partner shall be credited to that Partner's income account and the Net Income Losses so allocated shall be debited to that Partner's income account; and
7.1.2.4. the Capital Gain allocated to each Partner shall be credited to that Partner's capital account and the Capital Loss so allocated shall be debited to that Partner's capital account; provided that the General Partner, or any Manager appointed from time to time, may, with the approval of the Auditors and the Holding Fund, vary the accounting structure of the Partnership to reflect properly the terms of this Agreement.
Partnership Accounts. A Partnership is a voluntary association of two or more persons who jointly own and carry on a business for profit.
Partnership Accounts. In the event of the Client being a partnership the following additional provisions apply:
(a) All liability of the partners is joint and several.
(b) Upon any change in the constitution of the partnership, the partners will sign a new mandate.
(c) A mandate remains in force and may be acted upon by KSL until it has been revoked in writing by all or any of the signatories or until it has been replaced by a new mandate.
Partnership Accounts. (a) The Partnership shall maintain all necessary and proper books of account for the business and shall comply with any regulations or requirements of law.
(b) On the [ ] day of [ ] each year (or upon such other date as may be Resolved in writing by all the Partners) the Accounts of the Partnership shall be prepared in accordance with generally accepted accounting principles by Messrs [ ], Chartered Accountants, or such other accountants as may be Resolved from time to time by the Partners.
(c) When the Accounts for any Accounting Period shall have been approved and signed by the Partners such accounts shall be binding upon the Partners, in the absence of manifest error.
(d) The Accounts shall be prepared on the basis that (unless otherwise Resolved by all the Partners):-
(i) the goodwill of the Partnership shall be treated as having no value and the value thereof (if any) shall not feature therein
(ii) the Accounts for each Accounting Period shall be prepared on a consistent basis with the Accounts (if any) for the previous Accounting Period
(iii) [Other]
(e) All proper and usual books of account and entries therein shall be kept (in either paper or electronic form) by the Partners at the Partnership’s principal place of business and each Partner shall ensure that full and proper entries are duly and punctually made of all business transacted by him or her or at his or her direction on account of the Partnership.
(f) The precedent partner, for the purposes of s 1007 of the Taxes Consolidation Act, 1997, as amended from time to time, is [ ] or such other Partner as may be Resolved by the Partners.
(j) A Partner shall indemnify the other Partners jointly and severally for any tax, which is paid by the Partnership in respect of the first Partner’s tax liability.
