Common use of Reports to Partners Clause in Contracts

Reports to Partners. (a) The General Partner shall prepare and maintain, or cause to be prepared and maintained, the books of account of the Partnership and the following documents that shall be transmitted to each Partner at the times hereinafter set forth: (1) Within three (3) months after the close of each fiscal year of the Partnership, the following financial statements, examined by and certified to by the independent certified public accountants referred to in Section 10.01 hereof: (i) Balance sheet of the Partnership as of the beginning and close of such year; (ii) Statement of Partnership Profits and Losses for such year; and (iii) Statement of such Partner’s Capital Account as of the close of such year, and changes therein during such year. (2) Within three (3) months after the close of each fiscal year of the Partnership, the following documents: (i) A statement indicating such Partner’s share of each item of Partnership income, gain, loss, deduction, or credit for such year for income-tax purposes; and (ii) A copy of each income-tax return, federal or state, filed by the Partnership for such year. (b) All information contained in any statement or other document distributed to any Partner pursuant to Section 10.03 hereof shall be deemed accurate, binding, and conclusive with respect to such Partner unless written disapproval is made thereto by such Partner to the Partnership within twenty (20) days after the receipt of such statement or other document by such Partner.