Michigan Sample Limited Partnership Agreement between DAH-IP Holdings, Inc. and DeCrane Aircraft Holdings, Inc.

• Category: Corporations - Public - Partnerships
• State: Multi-State
• Control #: US-EG-9359
• Format: Word; Rich Text

Description

Limited Partnership Agreement between DAH-IP Holdings, Inc. and DeCrane Aircraft Holdings, Inc. regarding administration of limited partnership dated November 19, 1999. 13 pages. Title: Understanding the Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. Introduction: The Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. outlines the terms and conditions of a limited partnership formed between the two companies. This detailed description will provide insights into the partnership agreement, its purpose, essential clauses, and possible variations. 1. Overview of the Michigan Sample Limited Partnership Agreement: The Michigan Sample Limited Partnership Agreement serves as a legally binding contract between DAHLIA Holdings, Inc. (general partner) and Decade Aircraft Holdings, Inc. (limited partner). It establishes the guidelines for their joint business venture and defines the rights, responsibilities, and obligations of each party. 2. Purpose and Objectives: The agreement explicitly states the purpose and goals of the partnership, such as the joint development and commercialization of a specific product, sharing of resources and expertise, or pursuit of specific business opportunities. 3. Roles and Responsibilities: This section outlines the duties and responsibilities of each partner. The general partner typically assumes management and decision-making authority while the limited partner contributes capital and may have limited involvement in day-to-day operations. 4. Capital Contributions: This clause delineates the amount and nature of capital contributions made by each partner, including cash, assets, or intellectual property rights. It also specifies any future obligations regarding additional contributions, if applicable. 5. Profit and Loss Distribution: The partnership agreement defines how profits and losses will be allocated between the partners. The distribution may be based on proportional ownership percentages or can be negotiated differently, depending on the agreement. 6. Decision-Making Processes: The agreement lays out the decision-making framework, including voting rights, quorum requirements, and the authority of the general partner to act on behalf of the partnership. Major decisions, such as changes to the partnership's structure or termination, may require unanimous consent. 7. Management and Control: This section outlines the extent of the general partner's control and management authority over the partnership. It may include provisions related to management compensation, decision delegation, and dispute resolution mechanisms. 8. Dissolution, Termination, and Succession: The partnership agreement specifies conditions under which the partnership may be dissolved or terminated, such as the achievement of specific objectives or the occurrence of certain events. It also establishes procedures for the distribution of assets and the transfer of rights upon dissolution. 9. Variations of the Michigan Sample Limited Partnership Agreement: While the Michigan Sample Limited Partnership Agreement may be tailored to suit the specific needs of DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc., possible variations might include modifications in capital investment, profit distribution, or governance structure. These variations could be negotiated based on the partners' unique requirements and preferences. Conclusion: The Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. is a comprehensive legal document that serves to guide their collaborative efforts. By understanding the purpose, essential clauses, and potential variations of this agreement, the parties involved can ensure alignment and a mutually beneficial partnership.

Title: Understanding the Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. Introduction: The Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. outlines the terms and conditions of a limited partnership formed between the two companies. This detailed description will provide insights into the partnership agreement, its purpose, essential clauses, and possible variations. 1. Overview of the Michigan Sample Limited Partnership Agreement: The Michigan Sample Limited Partnership Agreement serves as a legally binding contract between DAHLIA Holdings, Inc. (general partner) and Decade Aircraft Holdings, Inc. (limited partner). It establishes the guidelines for their joint business venture and defines the rights, responsibilities, and obligations of each party. 2. Purpose and Objectives: The agreement explicitly states the purpose and goals of the partnership, such as the joint development and commercialization of a specific product, sharing of resources and expertise, or pursuit of specific business opportunities. 3. Roles and Responsibilities: This section outlines the duties and responsibilities of each partner. The general partner typically assumes management and decision-making authority while the limited partner contributes capital and may have limited involvement in day-to-day operations. 4. Capital Contributions: This clause delineates the amount and nature of capital contributions made by each partner, including cash, assets, or intellectual property rights. It also specifies any future obligations regarding additional contributions, if applicable. 5. Profit and Loss Distribution: The partnership agreement defines how profits and losses will be allocated between the partners. The distribution may be based on proportional ownership percentages or can be negotiated differently, depending on the agreement. 6. Decision-Making Processes: The agreement lays out the decision-making framework, including voting rights, quorum requirements, and the authority of the general partner to act on behalf of the partnership. Major decisions, such as changes to the partnership's structure or termination, may require unanimous consent. 7. Management and Control: This section outlines the extent of the general partner's control and management authority over the partnership. It may include provisions related to management compensation, decision delegation, and dispute resolution mechanisms. 8. Dissolution, Termination, and Succession: The partnership agreement specifies conditions under which the partnership may be dissolved or terminated, such as the achievement of specific objectives or the occurrence of certain events. It also establishes procedures for the distribution of assets and the transfer of rights upon dissolution. 9. Variations of the Michigan Sample Limited Partnership Agreement: While the Michigan Sample Limited Partnership Agreement may be tailored to suit the specific needs of DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc., possible variations might include modifications in capital investment, profit distribution, or governance structure. These variations could be negotiated based on the partners' unique requirements and preferences. Conclusion: The Michigan Sample Limited Partnership Agreement between DAHLIA Holdings, Inc. and Decade Aircraft Holdings, Inc. is a comprehensive legal document that serves to guide their collaborative efforts. By understanding the purpose, essential clauses, and potential variations of this agreement, the parties involved can ensure alignment and a mutually beneficial partnership.