Massachusetts partnership agreements definitively set the policies and roster of a partnership to paper. This promotes a clear level of communication and compliance concerning the business amongst the partners. The Commonwealth partners can use their signed agreement to support company paperwork submitted to entities such as the I.R.S. and financial institutions in the private sector.
The Massachusetts partners will need to settle on who may perform various functions with or on behalf of the partnership and the rules that will apply to such actions before committing their signatures. As a result, each must participate directly in developing this agreement to their satisfaction.
State Definition
“Section 48. Any recordable instrument purporting to affect an interest in real property, including without limitation, any deed, lease, notice of lease, mortgage, discharge or release of mortgage, assignment of mortgage, easement, and certificate of fact, executed in the name of a registered limited liability partnership by any partner who is identified on the registration of the limited liability partnership, as amended, filed with the secretary of the commonwealth as authorized to execute, acknowledge, deliver and record recordable instruments affecting interests in real property, shall be binding on the registered limited liability partnership in favor of a seller, purchaser, lessor, lessee, mortgagor, mortgagee, or other person relying in good faith on such instrument, notwithstanding any inconsistent provisions of the partnership agreement, side agreements among the partners, by-laws or rules, resolutions or votes of the registered liability partnership.”
Templates (6)
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