Partnership Accounts. 3.1 All partners will be liable (individually and together) for any money due to us.
Partnership Accounts. All funds of the Partnership shall be deposited in a separate bank account or accounts and only the General Partner, and such persons as may be designated by the General Partner, may sign checks and draw upon such account or accounts.
Partnership Accounts. In the event of the Client being a partnership the following additional provisions apply:
Partnership Accounts. All funds of the Partnership shall be deposited in its name in an account or accounts maintained by a bank designated by the General Partner. Checks shall be drawn upon the Partnership account(s) only for purposes of the Partnership. The General Partner shall designate one or more persons to have authority to sign all Partnership checks and bind the Partnership thereto.
Partnership Accounts. 3.1 Your Account Operating instructions will tell us how you want the Account to operate (for instance who can sign cheques on the Account) and how you want us to communicate with you.
Partnership Accounts. The following additional provisions shall apply to partnership accounts:
Partnership Accounts. (a) The Partnership shall maintain all necessary and proper books of account for the business and shall comply with any regulations or requirements of law.
Partnership Accounts. A limited partnership exists if the partnership consists of one or more persons who control the business and are personally liable for the partnership's debts (general partners), and one or more persons who contribute capital and share profits but who cannot manage that business and are liable only for the amount of their contribution (limited partners).
Partnership Accounts. 6.1.1 The Manager appointed from time to time, shall prepare and approve accounts of the Partnership in respect of each Accounting Period in accordance with generally accepted accounting practice in the United Kingdom, applicable to the accounts of the Partnership, including a balance sheet, income and expenditure account, a statement of the amount of the income account, capital account and loan account of each Partner and a summary of movements in such accounts. These accounts will be presented in Pounds Sterling. The Manager appointed from time to time, shall cause such accounts to be audited by the Auditors. A set of the audited accounts including the report of the Auditors and a statement of accounting policies (which may be varied by the Manager with the agreement of the Auditors) shall be furnished to each Partner as soon as possible (but, in any event, not later than 90 days) following the end of each Accounting Period.
Partnership Accounts. The Officers shall establish and maintain one or more depository accounts as directed by the Board ("PARTNERSHIP ACCOUNTS") for funds of the Partnership at depositories selected by the Board. The Partnership Accounts shall be administered in accordance with any contractual agreements to which the Partnership is a party or by which it is bound, and subject thereto, in accordance with the business judgment of the Board. If so requested in writing by any Partner, the CEO shall notify the Partners in writing of the location of all Partnership Accounts. All funds of the Partnership shall be deposited in one of the Partnership Accounts and used exclusively for Partnership purposes. No Partner shall commingle any other funds with the funds of the Partnership in the Partnership Accounts.
