General Partner Business Opportunities is provided to inform you about this document in question and assist you in its preparation. This is a business decision for the limiteds. In most corporate situations, it is assumed the CEO, in a partnership organization this is the General Partner, will refer all new opportunities to the corporation. Not to do so is usually considered a breach of good faith. In partnership situations, especially in real estate, this is not usually the case. Each deal is considered a “new” and “separate” one. Therefore, as a limited, you must determine your position on this very important matter.
As Joe Wilson, the CEO of Haloid, which became Xerox, said, “You have a business for what comes through the door.” Xerography came through his door and he pounced on it. He would not have seen the opportunity unless he was CEO of Haloid, a small printing company in Rochester, New York where the inventor of Xerography lived. Be guided accordingly in your own thoughts on this matter.
Suggestions:
- Make multiple copies. Give one to each related party. Keep one in the partnership records.
General Partner Business Opportunities
________________________________, constituting all of the limited partners of _______________, and ________________________________ ____________, constituting all of the general partners of the __________________ limited partnership agree:
That the general partners of this partnership shall not be required to refer all business opportunities similar to that of limited partnership to the limited partnership.
Dated: __________________________
____________________ ______________________
General Partner General Partner (if more than one; each one must sign)
Limited Partners shall sign the attached Exhibit One or duplicate originals of the same.
Exhibit One: Names & Addresses of Limited Partners and their signatures
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
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Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
____________________ ______________________ ___________________
Limited Partner Signature Printed Name and Address Social Security Number
Note: Include as many more lines as there are Limited Partners.
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