Partnership Property Clause Samples

Partnership Property. All Partnership Property shall be owned by the Partnership as an entity, and no Partner shall have any ownership interest in any Partnership Property in its individual name or right. The Partnership shall hold all of the Partnership Property in the name of the Partnership and not in the name of any Partner. Each Partner's interest in the Partnership shall be personal property for all purposes.

Partnership Property. No later than the Retirement Date, you shall return to the Partnership all documents, files and property belonging to the Partnership or the Company. For the avoidance of doubt, you may make and retain an electronic copy of your contacts list, calendar and any documents reasonably necessary in order for you to file your personal income tax returns.

Partnership Property. Unless otherwise unanimously agreed by the Partners or unless registered in the name of a trustee, all Partnership property shall be registered in the name of the Partnership in proportion to the Capital Account of each Partner.

Partnership Property. All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property. Outback/North Florida-II, Limited Partnership

Partnership Property. All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property. Outback Steakhouse of North Georgia-II, L.P. 6

Partnership Property. The legal title to the real or personal property or interest therein now or hereafter acquired by the Partnership shall be owned, held or operated in the name of the Partnership, and no Partner, individually, shall have any ownership of such property.

Partnership Property. Upon liquidation and after giving effect to Section 11.6, the Partnership shall contribute all customer lists owned by the Partnership to a California trust, with a mutually agreed trustee and both Partners as equal beneficiaries. Such trust shall have a perpetual life (subject to termination for material breach or bankruptcy of a Partner) and shall provide that each Partner shall have a perpetual royalty free license to all customer lists owned by the Partnership (and transferred to the trust). Neither Partner may provide the customer lists to third parties unless mutually agreed. Notwithstanding the foregoing, the perpetual grant hereunder shall be modified, if necessary, with respect to certain assets if such perpetual grant would materially diminish the value of such assets as a matter of law.

Partnership Property. If the partnership has property, it is important to consider tax implications of ownership. However, an owner may charge a rent. An owner will real the advantage of any inflationary value increase. ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .

Partnership Property. Subject to the provisions of subsections (B) and (D) of this article, all property originally paid to, or brought into, or transferred to, the partnership, as contributions to capital by the partners, or subsequently acquired by purchase or otherwise, on account of the partnership, shall be partnership property.