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field of financial planning. The partnership agreement stated “a
partnership unit” represented a capital contribution of $5,000 to
the partnership. After identifying the initial general partner
and one limited partner, the agreement provided in part:
Each additional person who (not to exceed thirty
four (34) in total, with spouses, and other close,
family related multiple investors counting together as
one investor) acquires any such Partnership Units shall
be eligible to become a Limited Partner in the
Partnership at such time as he has:
(1) Purchased three or more Partnership
Units,
(2) Contributed the sum of $5,000 cash and/or
notes for each Partnership Unit purchased,
In a Certificate of Limited Partnership executed
December 15, 1982, Timothy J. Curtis, the initial general
partner, and Debra Lee Jensen (Ms. Jensen), the initial limited
partner, stated that Ms. Jensen had contributed cash of $83.33
and a note for $416.67 to the partnership.
In an Amendment to Certificate of Limited Partnership of
Investment Engineers, executed December 30, 1983, the cash and
other property contributed by the limited partners were listed.
According to that certificate, as of December 30, 1983, eight
limited partners had contributed cash in the amount of $100 each
and notes in amounts varying from $9,900 to $59,900. Two limited
partners had contributed $500 in cash each and notes of $14,500
and $34,500. Montelius contributed $110 cash and notes totaling
$79,890. Robert S. McGlamery contributed cash of $4,010 and
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