Estate of Augusta Porter Forbes - Page 4




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               The partnership agreement provides that each of the three              
          partners will have ownership interests in accordance with their             
          initial capital contributions, as follows:                                  

                                 Initial Equity             Initial Equity            
                       General   Capital Amount   Limited   Capital Amount            
                       Partner    As A General    Partner    As A Limited             
           Partner     Interest  Partner          Interest  Partner                   

          Mr. Forbes     42%          $420          42%        $562,978               
          Walter         29%          290           29%        389,855                
          Betty          29%         290            29%        389,855                
               The partnership agreement states that the initial equity               
          capital contributions are to be made either in cash or in the               
          form of property valued at fair market value.                               
               Under the partnership agreement, all deduction or loss                 
          items, as well as net cash receipts of the partnership, are to be           
          allocated and disbursed to the general partners in accordance               
          with the participation percentages set forth above.  The                    
          partnership agreement provides that upon the death of a general             
          partner, the business will be continued by the remaining general            
          partners and that, absent a buy-sell agreement among the                    
          partners, the partnership interests of the deceased general                 
          partner will vest in his heirs, legatees, successors, trustees,             
          receivers, other legal representatives, or assignees, who would             
          then be admitted as substituted limited partners with the consent           
          of the remaining general partners.  Upon the termination of the             
          sole remaining general partner, if the limited partners designate           






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Last modified: May 25, 2011