Continuation of Partnerships Clause Samples

The Continuation of Partnerships clause defines the conditions under which a partnership may continue to operate despite certain events that might otherwise dissolve it, such as the withdrawal, death, or bankruptcy of a partner. Typically, this clause outlines procedures for the remaining partners to agree to continue the business, possibly by buying out the departing partner’s interest or admitting new partners. Its core practical function is to provide stability and continuity for the partnership, ensuring that the business can persist without interruption or automatic dissolution when changes in partnership composition occur.
Continuation of Partnerships. Pursuant to Chapter 620, Florida Statutes, the partners agree that the Partnerships will continue uninterrupted and the assignment of the general partnership interests will not cause a termination of any of the Partnerships.
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Related to Continuation of Partnerships

  • Continuation of Partnership The Partners hereby continue the Partnership as a limited partnership pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

  • CONTINUATION OF COMPANY In the event of an occurrence described in Section 1.04, if there is at least (1) one remaining Member, the remaining Member has the right to continue the business of the Company. The remaining Member’s successor, assignee, or transferee may continue the business of the Company, provided the successor, assignee, or transferee consents to the continuation in writing and submits any necessary filings to the office of the Secretary of State.

  • Formation of Partnership The Managing GP, the Liquidation GP and the Limited Partner agreed to and formed a limited partnership pursuant to the laws of the Province of Ontario on October 5, 2007. The parties hereto have agreed to confirm their agreements relating to the Partnership on the terms and conditions set out in this Agreement. The Partnership will be effective as a limited partnership from October 5, 2007, the date on which the Declaration was filed in accordance with the LP Act, and the Partnership will file any documents necessary as a result of the amendments reflected in this Agreement.

  • Termination of Partnership The Partnership shall terminate when all assets of the Partnership, after payment of or due provision for all Liabilities of the Partnership, shall have been distributed to the Partners in the manner provided for in this Agreement, and the Certificate shall have been canceled in the manner provided by the Act.

  • Continuation of the Company The Company shall not be dissolved upon the occurrence of any event that is deemed to terminate the continued membership of a Member, but rather the Company shall continue without dissolution, and its affairs shall not be required to be wound up.