Limited Partnership Agreement Assignment- Facts
For this assignment you will need to search the web for a free limited partnership agreement form or you can use the sections out of the textbook. You do not need to pay to for a form but you may have to search a bit.
As you search you will notice that many of the businesses say that their services are free, but, after you sign up, create the form by filling in the information, then they tell you that it’s a free trial period of a week (for which you have to enter your credit card to print or save a copy). ? You seriously do not need to use one of these services but you may do so if you want to. Just make sure that you cancel before the end of your free trial period or you will be charged for the service.
Here are the facts:
Jason Ice and his friend Carsey Cavern want to open an ice skating rink in their hometown. Jason and Carsey own the buildling worth $25,000 for the ice rink but they need additional financial backing. The friends convince the owner of a local hotel and restaurant located near the ice rink that his business would increase if they opened an ice rink. The owner, Mike, agrees with Jason and Carsey and agrees to contribute the remaining $75,000 needed for the opening of the ice rink. It is to be called the Ice Cavern, located at the hottest mall in town, Gateway Mall, Prescott, Arizona, 86301. ? The owner deposits the money into Jason and Carsey’s bank, First Mountain Exchange, 789 Brooks, Prescott, AZ, 86301. They do not have an accountant to handle the books but they think that they are going to hire Carsey’s sister, Barbara. In exchange for his investment, the hotel manager wants the partnership agreement to reflect that he is to receive 35% of the net receipts from the rink.
Your supervising attorney has asked you to prepare the limited partnership agreement for Jason and Carsey and their silent partner, Mike. There are forms that can be found on the internet and you may also create your own form using some of the suggested content in the textbook.
The file contains the following:
Jason Ice, 987 Bitterroot Drive, Prescott, Arizona, 86301
Carsey Cavern, 789 Copper Basin Road, Prescott, Arizona, 86303
Mike Restaurant, 1986 River Road, Prescott, Arizona, 86301
