Fill and Sign the Partnership Formation Questionnaire 497426842

Partnership - Formation Questionnaire Primary Contact Name:       Address:       Telephone:       Mobile:       E-mail:       Fax:       The name of the Partnership is:       Type of business:       The address of the Partnership is:       The registered agent of the Partnership is:       whose address is       Name of Tax Matters Partner (if any):       whose address is       The purpose of this Partnership is:       Do the business organizers intend the business to survive their departure? Yes No Is the business primarily intended to provide professional services? Yes No If yes, what kind?       Is the business intended to primarily provide advocacy, education, or public services? Yes No If yes, what kind?       Do purposes include management of real estate? Yes No If yes: Identify Real Estate: Address:       Common name:       Type/use:       Real Estate is: owned by General/Managing Partners and to be contributed as a capital contribution - value: $       to be acquired under existing contract Date of contract:       Seller:       Purchaser:       to be acquired, but no contract has been executed other:       Partnership is to: merely operate existing structures construct low income housing rehabilitate (under Tax Reform Act of 1986) construct other type of building if cost of acquiring Real Estate or constructing improvements exceeds $       Partners are to contribute       % of excess, up to $       mortgages, etc. must be nonrecourse Will the business operate mainly locally , nationally , or internationally ? If nationally or internationally, describe:       How many employees will the business have?       What is the expected yearly revenue or loss for the business: For the first two years?       For two to ten years from now?       For ten to twenty years from now?       What are the greatest risks associated with the business?       Will principals contribute their own assets to the business? Yes No If yes, describe:       Do you expect to initially generate capital from investment or from sales?       How much of the business's debts will principals have to personally guarantee?       How long will it likely be before the business becomes profitable? Yes No Will each principal be due an equal share of profits? Yes No How will the amount of income or salary due each principal be determined?       Will earnings be distributed to owners immediately , or will they be accumulated by the business for future investment ? Is Agreement to be a short form, rather than a long form? Yes No THE PARTIES Enter the following information about persons entering into the Partnership Agreement. Name Address Phone Number Dollar Amount of Capital Contribution Percentage of Partnership Interest Type of Partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 OPERATIONS/CAPITALIZATION/AUTHORIZATIONS What date will the partnership agreement be signed?       When will the partnership end or be expected to end? When the Partners decide to terminate the Partnership affairs. When the Partnership assets have been sold or otherwise disposed of. Other       The total capital contribution from all Partners to the Partnership is       In the event the Partnership requires a later infusion of money to run the business, are the Partners required to contribute additional capital? Yes, the Partners are required to contribute additional capital, in same ratio as their percentage of profits, but in no event an amount exceeding percent of their original capital contribution. No Will the General Partner(s) be entitled to compensation for their work on behalf of the Partnership? Yes No If yes, how much per month will the General Partner be entitled to collect?       Will the General Partners be required to devote their full time, effort and attention to the Partnership? Yes No Are Managing Partners to be elected? Yes No If yes, Managing Partners are to be elected by what vote: majority 2/3rds 75% unanimous other:       May a new Partner be admitted to the Partnership with less than the unanimous consent of the other Partners? Yes No If yes, what vote required?: majority 2/3rds 75% other:       What consent is to be required to continue the business of the Partnership? unanimous consent 75% in interest 2/3rds in interest majority in interest other:       If a Partner desires to voluntarily withdraw, must the Partner first get the consent of some or all of the other Partners? Yes No If yes, what vote required? unanimous consent 75% in interest 2/3rds in interest majority in interest other:       In general, decisions reserved to the Partners are to be made by what vote? unanimous consent 75% in interest 2/3rds in interest majority in interest other:       What requirements do you want to impose regarding signing checks, notes, deeds, contracts, etc. on behalf of the partnership? Do you wish to allow execution of said documents up to a certain value without consent of others during a limited time period Yes No If yes, please indicate the amount: $ $       and the duration: One week One month One quarter One calendar year , or Other specify:       Who shall have authorization? Partner authorized to sign with the unanimous consent of all partners (limited and general) Partner authorized to sign with a majority consent of the partners (limited and general) General partner only authorized to sign Managing partner only authorized to sign Other. Please specify:       If authority delegated to a managing partner, please state the managing partner's name:       Is the Agreement to provide for annual meetings of the Partners? Yes No Is the Agreement to provide for assignment of allocations and distributions to any of the following?: relatives of a Partner without consent; another Partner without consent; to any person with the following consent: no consent required unanimous (all Partners) 75% 2/3rds majority other:       Other than amendments of the Partnership Agreement which directly change the financial share of each Partner will require unanimous consent, do you wish to provide for other types of amendments with less than unanimous consent? Yes No If yes, what consent? 75% 2/3rds other:       A decision to dissolve the Partnership is to be made the following vote: unanimous 75% 2/3rds majority other:       Competing business activities: Partner may engage in competing business activities The Agreement is to be silent on the subject Partners are expressly to have the right to engage in competing businesses Each Partner is to covenant not to compete while a Partner and for period after membership in the Partnership ceases for a period of       within the area of       Will you coordinate Offering Memorandum with separate securities counsel? Yes No Total amount of Interests to be syndicated: $       Total percentage Interests (other than initial Limited Partners) to be syndicated: %       Total number of "units":       Percentage Interest of one "unit": %       Price for one "unit": $       Price of smallest portion of a "unit" which may be purchased: $       Minimum amount of Interests that must be sold if offering is to be effective: $       Date by which minimum must be sold:       General Partners may extend date - how many months?       Approx. net worth of General Partners: $       as of       Minimum net worth of an investor: $       If Partnership requires additional funds: General/Managing Partners may advance funds as an interest bearing loan       rate: % per annum no interest may be charged Agreement is to be silent Are the General/Managing Partners to be paid: management fee of $       per annum? marketing supervision fee of $       per annum? partnership formation fee of $       ? no compensation? annual report to be audited by certified public accountant. The General/Managing Partners also are to provide: monthly reports quarterly reports both sale of all assets sale of Real Estate mortgaging of Real Estate borrowing of money in excess of $       settlement of claims in excess of $       establishment of reserves in excess of $       merger or consolidation Partners are to have a right of first refusal for any Interest being sold Are the other Partners to agree, in advance, to buyout the interest of a Partner who dies or becomes totally disabled (or retires)? Yes No If yes, which will apply?: buyout on death buyout on disability buyout on retirement Buyout funding made by: insurance may pay in installments evidenced by a Note to be paid in       monthly installments, with a minimum amount for each installment of $       at the rate of interest of %       and percent of price as cash down payment of       % The purchase price is to be based on book value fair value based on the assets and liabilities of the Partnership, to be stipulated annually or determined by appraisal good will is to be taken into account, whether or not carried on the books stipulate present value of 1% Interest: $       stipulate minimum future value of 1% Interest: $       Are disputes to be resolved by arbitration? Yes No