DIY Legal Forms

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Right To Remove General Partner

"Appointment of New General Partner"

The General Partner may be removed by the Limited Partners by written vote or consent signed by at least ........ percent (........%) of the outstanding limited partnership (Partnership) interests. Written notice of removal will be given to the General Partner not less than [number] days prior to the effective date of such removal.

The removal of the General Partner will be effective after such vote and notice and as soon as a new General Partner is appointed in the General Partner's place. The Limited Partners will select the new General Partner within [number] days after notice of removal is given to the General Partner.

The substitution of the new General Partner shall become effective upon the acceptance by the new General Partner in writing of the duties of the General Partner under this Partnership Agreement. Immediately after the substitution as General Partner, the new General Partner will execute, file, and publish, as and where necessary, amendments to both the Certificate of Limited Partnership and Partnership's Certificate of Formation.

If the Limited Partners cannot designate a new General Partner within the period specified, or if the prospective General Partner does not accept in writing the duties of General Partner within [number] days after the new General Partner's appointment, Partnership will be dissolved.