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HomeMy WebLinkAbout1484 i . ~ • ~ ~ 1 such persons will ac uire the number of additional units partnership, Q determined by dividing the amount of the contribution by the New In- ~ vestment Unit Value. The New Investment Unit Value shall be equal to ~ the sum total of ~:he combined capit~l acGOUnts of all the Paxtners, ~ increased or decreased as the case may b e by the undistributed or un- allocated pro~its and/or losses of the partnership, and the value of ~ the intangible appreciation of the partnership, all as constituted on the ei'fective date oP the. Netv Investment divided by the number of units ~ then outstandin~. The value of the intangible appreciation of the ~partnership will b e determined by the Genera~. Partners, in their sole discretion, rrhose determ3nation shall b e final and binding on the i Partners; and will include: increased but unrealized market value of properties; the value of pro~ect plannin~ and work in progress; the value of the partnership as a going business; and all other factors oS an intan~ible nature rrhich never~heless have or otherwise affect value. ~ The General Partners, in their•sole discretion, may refuse any i New Investment other than capital assessments as provided for in Arti- ; cle VII, Paragraph (C) by any Limited Partner without reflising such New Investments by all Limited Partners, and may ref'use any~one admission as an additional Limited Partner while accepting others, and may allow New Investment by additioiial Limited Partners without first allowing_ such New Investment by existing Partners. The~General Partners may, in addition to their initial contributions, make additional contri- butions in cash to the capital of the partnership in any manner ~ specified in this Article. Fractional units may b e issued at the ~ discretion of the General Partners. ; s ARTICLE XIII ~ BOOKS OF ACCOUNT AND REP~RTS i t Proper books of account shall be kept w:~erein shall be entered ~ all transactions, matters and things relating to the partnership~s ! business as are u sually entered into books of account kept by persons ~ enga~;ed in a busines s of a like characi:er. The books of account shall ; be kept at the principal place of business of the partnership and each ` Limited Partner shall at all times during reasonable business hovrs ~ ! have free access to and the ri~ht to inspect and copy the same. ` ~ ; Not later than ninety (90) days after the end of each fiscal year ~ ~ each Limited Partner shall b e ft.irnished with a report of the business - and operations of the partnership during the calendar year vrhic~ report ~ shall eonstitute the accounting of the General Partners for such year. ~ The report shall contain financial statements including a statement of assets and liabilities and a statement of income and expenses and shall include an opinion of independent certified public.accountants, and shall other~•aise be in such form and have such content as the Gen- eral Partners deem proper. Such report shall include income from every source, includina net gains from disposition or sale of partnership property. ~ Necessary tax infor,nation shall b e delivered to each Limited Partner an3 every effort shall b e made by the General Partn~rs to ftiirnish such information within adequate time for the Limited Partner to prepare his tax return. ~ ~ ARTICI,E XIV ~ ~ FISCkL YEAR ~ The fiscal ear of the artnership shall be~;in on the first day Y p of January and end on the thirty-first day of December in each year. -~z- $oRK?.~fi ~148i L/~\Y OF'FIGCS OF GOLDST[IN. Ff2/11~K~IN, CHONIN Q SCFiRANK, P. A.. 2020 NORTHEAS7 1~3ao STREET, hORTH M?AMI DEAC11. FLOF:IDA 331f.; ,;c,~;_ . _~f.~ ,s'~_ . - - - " ` .