4 Capital accounts
4.1 Each partner shall have a capital account in the books of the Partnership recording the capital contributed and any other capital payment or withdrawal from time to time by such partner. A partner shall not be entitled to withdraw any amount standing to the credit of its capital account without the prior written consent of the other partners.
4.2 The capital contributions due by the Partners are as follows:
4.2.1 The First Partner: ________________________________________________ (descriptions of capital contributions and if necessary their values)
4.2.2 The Second Partner: _____________________________________________ (descriptions of capital contributions and if necessary their values)
4.2.3 The Third Partner: _______________________________________________ (descriptions of capital contributions and if necessary their values)
5 Loan accounts
Each partner shall have a loan account in the books of the Partnership which shall reflect any loans made to the Partnership.
6 Financial year
The financial year of the Partnership shall end on the last day of ________________(specify) in each year.
7 Banking account
The banking account of the Partnership shall be in the name of the Partnership at ______________________________________________________(name of bank and branch)
8 Books and records
__________________________________________________(Name of partner responsible for keeping books and records) shall keep proper books and records of all transactions concerning the Partnership.Such books and records shall be audited annually by the Partnership’s auditors.
9 Financial statements
As soon as possible after the end of each financial year of the Partnership, a balance sheet and income statement shall be audited by the auditors of the Partnership.
10 Auditors
The auditors of the Partnership shall be ____________________________________ (name of auditors) unless the Partners otherwise agree in writing or so resolve.
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