- 3 - 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 andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
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