Relationship of the Partners. Each Partner may have other business interests and may engage in any other business, trade, profession, or employment whatsoever on his own account or in partnership with, as an employee of, or as an officer, director, or stockholder of any other person, firm, or corporation (whether competitive with the Partnership or otherwise) and he shall not be required to devote his entire time to the business of the Partnership. No Partner shall receive any salary or other special compensation or services rendered by him as Partner of the Partnership, except as otherwise agreed upon by all the Partners. Each of the parties hereto are Partners for the purpose of this Partnership as set forth herein, but nothing contained in this Agreement shall make the Partners “partners” with respect to any matters unrelated to the Partnership, or render them liable for any debts or obligations of any other Partner, nor shall any Partner be hereby constituted the agent for any Partner except to the limited extent herein specifically permitted and as may be hereinafter agreed upon by consent of all the parties.
Appears in 64 contracts
Samples: ___________________ Partnership Agreement, Limited Liability Partnership Agreement, Partnership Agreement
