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Original Subscription Agreement for a Partnership

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  • 05-12-2010, 07:40 AM
    robertocarlos123
    Original Subscription Agreement for a Partnership
    Delaware

    After acceptance of signed subscription of a L.P .With whom should the original document be ? G.P or L.P?

    Is it essential for original signed document to be present with Limited Partner ? If you could explain with legal implication would be helpful?
  • 05-13-2010, 06:05 PM
    Mr. Knowitall
    Re: Original Subscription Agreement for a Partnership
    You mean, who would hold a contract obligating a new limited partner to the general partnership? The partnership, of course, most likely via the managing partner.
  • 05-15-2010, 06:47 AM
    robertocarlos123
    Re: Original Subscription Agreement for a Partnership
    Thank you Mr. Knowitall for your reply

    I meant who should have the original signed subscription agreement which accepts the limited partner to the partnership [normal case the general partner/managing partner signs the agreement and intimates the limited partner that he is accepted to the partnership]

    But what about the above original subscription document Is it compulsory to be sent back to the limited partner or not ?
  • 05-15-2010, 09:44 AM
    Mr. Knowitall
    Re: Original Subscription Agreement for a Partnership
    Why do you believe that would be required? If both parties want an "original," they should consider executing the contract in counterparts.
  • 05-15-2010, 10:15 PM
    robertocarlos123
    Re: Original Subscription Agreement for a Partnership
    Just had a doubt in two different agreement signed where in one case the G.P returned the originals with his signature and in the second case only a copy was sent.

    Hope I am right below !!!!!!

    (i) If duplicate is signed the originals can be requested by the L.P

    (ii) If a single agreement is signed the normal practice is that the original is kept with G.P and copies can be requested by the L.P.
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