Partnership Act. The Delaware Revised Uniform Limited Partnership Act, 6 Delaware Code, Chapter 17 as amended from time to time.
Partnership Act. Ownership. Except as otherwise stated herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the New Jersey Uniform Partnership Law, N.J.S.A. ss. 42:1-1, et. seq., as it may be amended from time to time, except as the Partners may provide otherwise. The interest of each Partner in the Partnership shall be personal property for all purposes. Legal title to real and other property owned by the Partnership may be held in the name of either the Partnership or any one or more of the Partners.
Partnership Act. “Partnership Act” shall mean the Exempted Limited Partnership Law (2018 Revision) of the Cayman Islands, as amended from time to time, or any successor statute.
Partnership Act. The "Partnership Act" is the Maine Uniform Limited Partnership Act, as it may be amended from time to time.
Partnership Act. The Delaware Revised Uniform Limited Partnership Act, as amended and in effect from time to time. Percentage Interest. For each Partner, the percentage set forth opposite such Partner’s name on Exhibit A. The combined Percentage Interests of all Partners shall at all times equal one hundred percent (100%).
Partnership Act. The Uniform Partnership Act of the State of Arizona, contained in Title 29 of the Arizona Revised Statutes, as amended from time to time.
Partnership Act. The term business comprehends all commercial and professional activities What are the requirements of a partnership?
A. A Valid Agreement exists between participants (play fair Development Corp Pty Ltd v Xxxx) • Where the agreement must be examined - Express and implied intentions ➢ Examining the facts and ascertaining the intention of the participants from their statements and conduct. The court looks to substance, not form. ➢ The objective intention of the document, if expressly written (Xxx v Xxxxxxx). - Substance ➢ It is the substance of the relationship between the parties that is essential. ➢ The fact that there was no sharing of profits did not mean that this negatived other evidence of a partnership (Stekel v Ellice) • Is co-ownership and issue? - General rule ➢ Co-ownership in itself is not enough to create partnership (WAPA s 8(1) - Exceptions ➢ Xxxxx x Xxxxx where the two brothers borrowed money on the security of two inherited houses and drew identical weekly expenses as from the business • Is sharing of gross returns an issue? - General Rule ➢ More than mere sharing of gross returns needs to be shown (WAPA s 8(2) ▪ Xxxxx v Xxxx was no partnership but a mere tenancy. As the landowner had exclusive right to occupy the land and Xxxxx had no right to direct or control the landowner’s working of the land, there could be no partnership but merely a tenancy.
Partnership Act. Notwithstanding anything in this Agreement to the contrary, the Partnership shall not make any distributions pursuant to this Agreement except to the extent permitted by the Partnership Act.
Partnership Act. Another exception to the rule of limitation on agreements in restraint of trade is provided under the Xxxxxxxxxxx Xxx, 0000. The Act lays down three exceptions. These are: An agreement with a partner of the firm to not carry out his own business so long as he/she is a partner in the said firm will be valid under Sec 11(2) of the Partnership Act. An agreement between partners to not engage in a similar business as that of the said firm within specified territorial and time limits (period of restraint). (Sec 36 (2)) In anticipation of dissolving the firm, the partners may come to an agreement in restraint of carrying out a similar business within specified territorial and time limits so long as this restraint is reasonable. Case
Partnership Act. The Members do not intend to be partners to one another, or partners as to any third party, for any purpose other than Federal, state, local or foreign tax purposes. To the extent any Member, by word or action, represents to another person that any other Member is a partner or that the Company is a partnership, the Member making such wrongful representation shall be liable to any other Member who incurs personal liability by reason of such wrongful representation.
