Partnership Resolution
What is this form?
A Partnership Resolution is a legal document that outlines decisions made by a partnership regarding the management and transfer of partnership property. This form is essential for formally authorizing actions, such as selling property, ensuring that all partners agree and are accountable for the transaction. Unlike other legal forms, the Partnership Resolution specifically focuses on partnership agreements and decisions, providing clarity and legal standing to the actions taken by partners.
Main sections of this form
- Identification of the partnership and its partners.
- Description of the property being sold or transferred.
- Authorization for specific partners to execute necessary documents.
- Reference to an attached contract outlining sale terms.
- Signature lines for all partners involved in the resolution.
- Notarization section to validate the agreement.
Common use cases
This form should be used when partners in a general partnership decide to sell, transfer, or lease partnership property. It is necessary to document the resolutions made by the partners to avoid disputes and ensure that all parties are in agreement. Common scenarios include selling real estate, dissolving partnerships, or making significant financial decisions that require formal authorization.
Intended users of this form
- General partnerships looking to formalize decisions regarding property transactions.
- Partners who need to ensure legal compliance in property sales or transfers.
- Business owners seeking to ensure all partners have agreed to the terms of a sale.
- Individuals involved in partnerships who wish to avoid future disputes over property management decisions.
Completing this form step by step
- Identify the partnership and list all partner names accurately.
- Provide a detailed description of the property involved in the transaction.
- Specify which partner(s) are authorized to execute documents on behalf of the partnership.
- Attach the contract related to the sale as Exhibit A.
- Ensure all partners sign and date the document in the signature section.
- Complete the notarization section to validate the resolution.
Does this form need to be notarized?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Mistakes to watch out for
- Failing to include all partner names in the resolution.
- Neglecting to attach the required contract or follow specified terms.
- Not properly signing the document, leading to invalidation.
- Forgetting to notarize the form when necessary.
- Using vague language that could lead to misinterpretation of the resolution.
Benefits of using this form online
- Convenience of completing and downloading the form from home.
- Editability to customize the form to meet specific partnership needs.
- Access to templates drafted by licensed attorneys for legal accuracy.
- Time-saving as you can fill out and receive the form immediately.
Form popularity
FAQ
General Partner Resolution means a copy of a resolution certified by the General Partner to have been adopted by the General Partner or pursuant to authorization by the General Partner and to be in full force and effect on the date of the certificate and delivered to the Trustee.
I, , a General Partner of , a partnership formed under the laws of (the ?Partnership?), do hereby certify that the following resolutions were, or hereby are, duly adopted in ance with the procedures set forth in the
Resolution of the Limited Partnership means a resolution of the Limited Partnership consisting of one or more documents in similar form which, unless stated to require unanimous approval of the Limited Partners, is signed by one or more of the Limited Partners who together have contributed at least 60% of the Capital
But most states require you to follow these steps to dissolve a business: File articles of dissolution. File additional forms like the transfer of property report. Pay any applicable termination fees.
To create your Partnership Agreement, you should include the following things in your contract: Partnership start date, address, name, and purpose. Contact information and duties for each general partner. Description of partner capital contributions. Profit and loss distribution (equal share or fixed per cent)
The retirement, death, or insanity of a general partner dissolves the partnership, unless the business is continued by the remaining partners under a right to do so stated in the certificate, or with the consent of all members.
There are 10 elements of a partnership agreement that you must be sure to include when drafting yours: Your Partnership's Name.Allocations ? profits and losses.Ownership.Authority.Contribution.Workload.Compensation.Dispute Resolution.
