DIY Legal Forms

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Appointment of Management Committee

1. Composition. The partnership (Partnership) will be managed by a committee of [number] Partners (Management Committee) who will be annually elected at a meeting attended by all Partners for this purpose.

2. Powers. The Management Committee has the exclusive power and obligation to:

a. Prepare and give reports of operations of Partnership to the other Partners or to government agencies;

b. Supervise and manage Partnership's business in a prudent manner that will protect the best interests of Partnership;

c. Execute, in Partnership's name, any contracts, notes, or other documents that may be needed in connection with the operation of Partnership;

d. Borrow money, on Partnership's credit, for use in Partnership's business;

e. Purchase personal property for use by Partnership and, in connection with such purchase, grant to the seller a security interest in the property purchased; and

f. Make and undertake all necessary and reasonable expenditures to acquire and improve Partnership's assets.

All decisions required to be made by the Management Committee are to be made by majority vote. Except for the rights and duties stated in this Paragraph 2, all other Partnership decisions will be made by a majority vote of all Partners.

3. Limits on Powers. The Management Committee may not do any of the following without the consent of ........ percent (........%) of all of the Partners:

a. Transfer, sell, or dispose of all or substantially all of Partnership's assets or funds;

b. Refinance, increase, or extend loans of Partnership;

c. Admit new Partners to Partnership; or

d. Engage Partnership in any business other than that specified in this Agreement.