Withdrawing member and valuation date
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Withdrawing member and valuation date I am sorry to keep not remembering this, but I searched in the bivio getting started manual, and could not find the word "withdrawal" or instructions about the valuation date for the withdrawing member Would you mind writing a sentence or 2 for our operating agreement? Our PA is vague, and our Operating Agreement isn't clear on this either. I pretty much know how to do it in bivio A member gave us notice to withdraw on 2/25, AFTER last month's meeting (Feb 11). Is her valuation date this month's valuation date (Mar 7) or the valuation date after the next meeting after she gives notice (Apr11)? I'm surprised there isn't instructions in the bivio Manual. thanks, Etana This is from our partnership agreement: Voluntary Withdrawal (Partial or Full) of a partner. Any partner may withdraw a part or all of his capital account in the partnership and the partnership shall continue as a taxable entity. The partner withdrawing a portion or all of the value of his capital account shall give notice of such intention in writing to the Recording Partner. Written notice shall be deemed to be received as of the first meeting of the partnership at which it is presented. If written notice is received between meetings it will be treated as received at the first following meeting. In making payment, the value of the partnership as set forth in the valuation statement for the meeting at which written notice is received from a partner requesting a partial or full withdrawal will be used to determine the value of the partner's capital account. At 12:39 PM 3/9/2008, you wrote: Would you mind writing a sentence or 2 for our operatingCherilyn J. Peay PO Box 1408 Bernalillo, NM 87004-1408 (505) 867-4379 (505) 867-4224 fax |
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