How To Use
This is a business decision for limited partners.
In most corporate situations, it is assumed the CEO, in a partnership organization this is the General Partner, will refer all new opportunities to the corporation. Not to do so is usually considered a breach of good faith. In partnership situations, especially in real estate, this is not usually the case. Each deal is considered a “new” and “separate” one. Therefore, as a limited, you must determine your position on this very important matter.
- Make multiple copies. Give one to each related party. Keep one in the partnership records.