The Simple Limited Partnership Agreement is a fundamental document used when establishing a kommanditselskab (limited partnership) under Danish law. This agreement is particularly useful for businesses seeking to combine the management expertise of general partners with the capital investment of limited partners, while maintaining the tax transparency advantages of a partnership structure. The document is essential for clearly defining the roles, rights, and obligations of all partners, establishing capital contribution requirements, profit-sharing arrangements, and management structures. It ensures compliance with Danish partnership laws while providing flexibility in business operations. The agreement typically includes provisions for partnership formation, capital structure, management rights, profit distribution, transfer restrictions, and dissolution procedures. This type of agreement is commonly used in investment vehicles, real estate projects, and various business ventures where some partners wish to maintain active management control while others prefer to be passive investors.
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Key Requirements PROMPT example:
Simple Limited Partnership Agreement
I need a Simple Limited Partnership Agreement for a real estate investment venture with one general partner and three limited partners, where the general partner will contribute 15% of capital and receive 25% of profits, with the agreement to commence on March 1, 2025.
1. Parties: Identification of the General Partner(s) and Limited Partner(s) with full legal names, registration numbers, and addresses
2. Background: Context of the partnership formation, business purpose, and intention of the parties
3. Definitions: Key terms used throughout the agreement defined for clarity and consistency
4. Formation and Name: Declaration of partnership formation, partnership name, and registered office address
5. Business Purpose: Detailed description of the partnership's business activities and scope
6. Capital Contributions: Details of initial capital contributions from all partners, including nature and value of contributions
7. Partnership Interests: Allocation of partnership interests and voting rights among partners
8. Management and Control: Management structure, decision-making process, and powers of the General Partner
9. Rights and Obligations of Partners: Specific rights and duties of both General and Limited Partners
10. Profit and Loss Allocation: Formula and process for distributing profits and losses among partners
11. Distributions: Rules and procedures for making distributions to partners
12. Books and Records: Requirements for maintaining partnership records and partner access rights
13. Transfer of Partnership Interests: Rules governing the transfer of partnership interests and admission of new partners
14. Term and Termination: Duration of the partnership and conditions for termination
15. Dissolution and Liquidation: Process for partnership dissolution and asset distribution
16. Governing Law: Specification of Danish law as governing law and jurisdiction
17. Notices: Process for formal communications between partners and the partnership
18. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Tax Matters: Detailed provisions on tax treatment and reporting when the partnership has complex tax considerations
2. Intellectual Property Rights: Provisions regarding ownership and use of IP when the partnership's business involves significant IP assets
3. Non-Competition and Confidentiality: Restrictions on partner activities and information protection when business sensitive information is involved
4. Key Person Insurance: Requirements for insurance on key partners when their involvement is crucial to the business
5. Advisory Board: Structure and role of an advisory board when additional oversight is desired
6. Partner Vesting: Vesting schedules for partnership interests when partners earn their interests over time
7. Dispute Resolution: Detailed arbitration or mediation procedures when partners want to specify alternative dispute resolution
8. Limited Partner Committee: Establishment and powers of a limited partner committee for larger partnerships with multiple limited partners
1. Schedule A - Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions
2. Schedule B - Partnership Interests: Complete allocation of partnership interests and any special rights attached
3. Schedule C - Business Plan: Initial business plan and strategy of the partnership
4. Schedule D - Valuation Methodology: Agreed methods for valuing partnership interests for various purposes
5. Schedule E - Management Structure: Detailed organizational chart and management responsibilities
6. Schedule F - Distribution Policy: Specific rules and calculations for profit distributions
7. Appendix 1 - Partner Contact Details: Complete contact information for all partners and authorized representatives
8. Appendix 2 - Form of Transfer Notice: Standard form for notifying transfer of partnership interests
Authors
Relevant legal definitions
Clauses
Relevant Industries
Investment Management
Real Estate
Private Equity
Professional Services
Venture Capital
Construction
Manufacturing
Technology
Consulting
Healthcare
Renewable Energy
Agriculture
Retail
Hospitality
Relevant Teams
Legal
Finance
Corporate Governance
Compliance
Tax
Business Development
Investment
Operations
Risk Management
Administrative
Executive Leadership
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Investment Manager
Managing Partner
Business Development Director
Finance Director
Compliance Officer
Risk Manager
Partnership Administrator
Company Secretary
Fund Manager
General Counsel
Tax Director
Operations Director
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