• Responsibilities and authority of each partner. • Amount of time to be contributed by each partner. • Prohibition of partners outside business activities which would compete with the partnership business. • Name of the managing partner and method for resolving management disputes. • Procedure for admitting new partners. • Method of determining the value of goodwill in the business, in case of death, incompetence, or withdrawal of a partner or dissolution of the partnership for any other reason. • Method of liquidating the interest of a deceased or retiring partner. • Circumstances under which a partner must withdraw from active participation, and arrangements for adjusting the partner’s salary and equity. • Whether or not surviving partners have the right to continue using the name of a deceased partner in the partnership name. • Basis for expulsion of a partner, method of notification of expulsion, and the disposition of any losses that arise from the delinquency of such a partner. • Period of time in which retiring or withdrawing partners may not engage in a competing business. • Procedures for handling the protracted disability of a partner. • How partnership accounts are to be kept. • The fiscal year of the partnership. • Whether or not interest is to be paid on the debit and credit balances in the partners’ accounts. • Where the partnership cash is to be deposited and who may sign checks. • Under what conditions limited partners may be accepted into the firm, and, if so, who shall be designated as the general partner. • Prohibition of the partners’ pledging, selling, hypothecating, or in any manner transferring their interest in the partnership except to other partners. • Identification of material contracts or agreements affecting the liability or operation of the partnership.
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