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ARTICLE X. <br />Sharing of Profits and Losses <br /> <br />SECTION 10.1 All profits of the Partnership shall be credited, and all <br />losses of the Partnership shall be credited, and all losses of the <br />Partnership shall be charged, to each of the Partners in a proportion <br />equal to his capital interest in the Partnership. <br /> <br />SECTION 10.2 As funds are available in the Partnership bank <br />account, and to the extent that the Partners deem it unnecessary in the <br />best interests of the Partnership for such funds to be retained by the <br />Partnership, all net profits of the Partnership shall be distributed to <br />the Partners semi-annually, or oftener, as the Partners deem advisable. <br /> <br />ARTICLE XI. <br />Fiscal Year <br /> <br /> Unless and until otherwise agreed by the Partners, the fiscal year <br />of the Partnership shall end on December 31 of each year. <br /> <br />ARTICLE XII. <br />Accounting] Method <br /> <br />SECTION 12.1 The Partners shall at all times keep full and accurate <br />books of account, in which shall be entered all transactions of or <br />relating to the Partnership or its business, and which shall show the <br />condition of the finances of the Partnership. The books shall be <br />maintained at the principal office of the Partnership, or such other <br />place as shall be designated for such purposes by the Partners. The <br />Partnership shall keep its accounting records and shall report for <br />income tax purposes on the cash basis. Each Partner shall have access <br />to such books without interruption or hinderance by the other Partners <br />or any other person, and may inspect and copy the same. <br /> <br />SECTION 12.2 Within 60 days of the end of each fiscal year, there <br />shall be prepared a financial statement, including a full and accurate <br /> <br />-6- <br /> <br /> <br />