Partnerships

Fund and Expense Agreement

Vicky Randolph Vicky Randolph
How To Use

This review list is provided to inform you about this document in question and assist in its preparation. This kind of document is often developed after a partnership gets into trouble. It relates to restricting General Partners use of funds.

  1. Make multiple copies. Give them to each related party. Keep one with the partnership records.

Fund and Expense Limitations

The undersigned consisting of the majority of the general and limited partners of ______________________________, a limited partnership agree:

That the general partners of _____________________________ shall maintain a reserve account with a minimum balance of $_____________ (__________________________________________________________________ & _____/100 dollars) from initial capital which shall be placed in a separate, interest bearing account.

That the general partners, once the partnership begins operations shall establish a reserve account, which shall be deposited in a separate, interest bearing account. All profits from operations shall be deposited in this account until it reaches the sum of $____________ (__________________________________________________________________ & _____/100 dollars).

The reserves shall accumulate and may only be invaded by the general partner upon the following occurrences: ____________________________________________________________and may only be used for the following purposes: ____________________________________________________________


Date

_____________________ ____________________
General Partner (if more than one; all must sign)

Limited Partners shall sign the attached Exhibit One or duplicate originals of the same.

Exhibit One: Names & Addresses of Limited Partners and their signatures

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

_____________________________
Limited Partner Signature

Printed Name and Address: _________________________________
Social Security Number: _______________________________

Note: Include as many more lines as there are Limited Partners.