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?
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.
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 ?
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.
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.