Sample Limited Partnership Agreement between DAH-IP Holdings, Inc. and DeCrane Aircraft Holdings, Inc.
About this form
The Sample Limited Partnership Agreement is a detailed legal document that outlines the relationship between DAH-IP Holdings, Inc. and DeCrane Aircraft Holdings, Inc. as partners in a limited partnership. This agreement defines the roles, responsibilities, and rights of each partner in the venture. It is essential for establishing the legal framework for managing the partnership's assets and operations, distinguishing it from other business formation documents like general partnerships or operating agreements.
Key parts of this document
- Formation and identification: Specifies how the partnership is formed and the business name.
- Purpose and nature of business: Clarifies the business objectives and activities of the partnership.
- Capital contributions: Details the initial capital contributions by each partner and their obligations.
- Management authority: Outlines the powers and duties of the General Partner in managing the partnership.
- Distributions: Describes how profits and distributions are allocated between the partners.
- Dissolution terms: Conditions under which the partnership may be dissolved.
Situations where this form applies
This Limited Partnership Agreement should be used when two or more parties wish to form a limited partnership under Texas law. It is particularly useful in scenarios where one partner, the General Partner, will manage the business operations, while the other partner, the Limited Partner, primarily invests capital and has limited liability. You might need this form if you are involved in co-investing or planning collaborative business ventures that require clear definitions of each party's involvement.
Who should use this form
- Business partners looking to establish a formal partnership agreement.
- Investors seeking to limit their liability while participating in a shared business venture.
- Corporations intending to form strategic partnerships to achieve specific business objectives.
- Legal professionals who need a template for drafting partnership agreements.
Completing this form step by step
- Identify the parties involved: Fill in the names and addresses of the General Partner and Limited Partner.
- Specify the partnership name: Enter the chosen name of the partnership as required.
- Outline capital contributions: State the amounts each partner will contribute to the partnership.
- Define the purpose: Clearly describe the business activities the partnership will undertake.
- List management authority: Include details on the powers of the General Partner regarding partnership management.
- Sign and date the agreement: Ensure all parties sign the document to make it legally binding.
Is notarization required?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to define the roles of each partner clearly, which can lead to misunderstandings.
- Neglecting to specify how profits and losses will be allocated.
- Not updating the agreement when partners change or when business objectives shift.
- Overlooking legal requirements specific to the state of Texas.
- Forgetting to obtain the necessary signatures from all partners.
Benefits of using this form online
- Convenient access to a comprehensive legal template created by licensed attorneys.
- Editability allows customization to fit specific partnership needs.
- Instant download option simplifies the form completion process.
- Increased reliability with professionally drafted language ensuring legal compliance.
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FAQ
A holding deposit is money paid when you've agreed to rent a property, but haven't signed a contract.Usually a holding deposit is set against a security deposit, or is refunded when you move in. If the agreement is cancelled, and it's not your fault, the holding deposit should normally be returned to you.
The holding deposit is also sometimes called a holding fee.A holding deposit is a refundable payment made by the tenant to the landlord or their agent. The holding deposit should only be placed once the general terms of the let are agreed.
The definition of agreement means the act of coming to a mutual decision, position or arrangement. An example of an agreement is the decision between two people to share the rent in an apartment. Correspondence in gender, number, case, or person between words.
Once the holding deposit has been paid, the team will then carry out formal tenant references. If the tenant passes referencing, they can then move on to signing their tenancy agreement and organising a move-in date. If, however, they unfortunately fail this is where the holding deposit comes into play.
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You can only keep the holding deposit for a limited time, so it's important that everything is ready for the clock to start on those 15 days. You must provide your tenant with details of why the holding deposit will and will not be refunded.
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