Question: Member requested withdrawal on Aug 6, 2021, and Club membership proposed partial withdrawal, Aug 31, 2021. Member accepted partial withdrawal on Sep 1, 2021. Partial withdrawal check dated Sep 4, 2021 and member cashed check Sep 7, 2021.

Partial withdrawal effective date and valuation date would be September 4, 2021?

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example. A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21).

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA. I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal. It should describe what to use as the valuation date and the transaction date.

Hope that helps. Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example.  A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21). 

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.  

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA.  I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal.  It should describe what to use as the valuation date and the transaction date.

Hope that helps.  Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself.  When was the first meeting following the meeting at which the withdrawal notice was deemed received?  You need that valuation and you need that date to establish valuation.  Then you need to look at the check and see the difference between what you paid and the valuation.  On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received.  I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18.  Voluntary Withdrawal (Partial or Full) of a Partner.  Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Could a Club Treasurer issue a check to a partner for a partial withdrawal before doing the calculation?

(Sort of like giving an employee an advance before payroll is calculated.)

Obviously, the w/d needs to be enough less than the partner's value that there are no anticipated issues. I'm assuming that the Partner is requesting a cash amount (say, $2000) instead of an amount based on their % ownership.

Linda

On Mon, Jan 3, 2022 at 11:20 AM jeff clark via bivio.com <user*21133900001@bivio.com> wrote:

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example. A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21).

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA. I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal. It should describe what to use as the valuation date and the transaction date.

Hope that helps. Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Could a Club Treasurer issue a check to a partner for a partial withdrawal before doing the calculation?

(Sort of like giving an employee an advance before payroll is calculated.)

Obviously, the w/d needs to be enough less than the partner's value that there are no anticipated issues. I'm assuming that the Partner is requesting a cash amount (say, $2000) instead of an amount based on their % ownership.

Linda

On Mon, Jan 3, 2022 at 11:20 AM jeff clark via bivio.com <user*21133900001@bivio.com> wrote:

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example. A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21).

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA. I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal. It should describe what to use as the valuation date and the transaction date.

Hope that helps. Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Hello.

A long term member of our club died in early December, after a lengthy illness. He wanted to remain as active with the club as possible. We miss him.

We wrote a withdrawal check to his estate in mid December.

In giving condolences to his widow, we asked verbally and in writing that she deposit it before the end of the year. She did not. I called her and again asked her to deposit it.

My question is this:

Bivio will report the withdrawal from our brokerage account when it clears in 2022 (presumably soon).

Because this will be a new tax year, must we use the 2022 date?

Or can we "edit it" in bivio to the December 2021 date we issued the check?

Thank you.

Dave Moore

Treasurer

Learn and Earn Model Investment Club (LEMIC) Central PA chapter of BI.

Sent from my Galaxy

-------- Original message --------

From: "Linda Glein via bivio.com" <user*21345500001@bivio.com>

Date: 1/3/22 2:42 PM (GMT-05:00)

To: club_cafe@bivio.com

Subject: Re: [club_cafe] Re: Withdrawal

Could a Club Treasurer issue a check to a partner for a partial withdrawal before doing the calculation?

(Sort of like giving an employee an advance before payroll is calculated.)

Obviously, the w/d needs to be enough less than the partner's value that there are no anticipated issues. I'm assuming that the Partner is requesting a cash amount (say, $2000) instead of an amount based on their % ownership.

Linda

On Mon, Jan 3, 2022 at 11:20 AM jeff clark via bivio.com <user*21133900001@bivio.com> wrote:

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example. A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21).

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA. I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal. It should describe what to use as the valuation date and the transaction date.

Hope that helps. Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

It seems to me that not following the partnership agreement is an invitation to disaster. Think "you did it for partner A , why can't you do it for me?" You could amend the Partnership agreement, but the resignation occurred prior to any amendment . The PA is the document to which you all agreed. Follow it for now, the pain will be temporary, amend it later. However, if the powers that be at Bivio say it is ok , then it is ok.

Peter Dunkelberger

On Mon, Jan 3, 2022 at 3:03 PM Laurie Frederiksen <laurie@bivio.biz> wrote:

The wording for timing of withdrawal payouts in the recommended partnership agreement is there to keep members from trying to time the market and make excessive withdrawal requests in a short period of time. This could be very disruptive to club operations. Your club could certainly override this in extenuating circumstances if everyone in your group agreed, but I would not be too quick to remove it as the procedure you agree to in your partnership agreement. A club should not be thought of as a short term cash depository by members. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

On Mon, Jan 3, 2022 at 2:42 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:

Could a Club Treasurer issue a check to a partner for a partial withdrawal before doing the calculation?

(Sort of like giving an employee an advance before payroll is calculated.)

Obviously, the w/d needs to be enough less than the partner's value that there are no anticipated issues. I'm assuming that the Partner is requesting a cash amount (say, $2000) instead of an amount based on their % ownership.

Linda

On Mon, Jan 3, 2022 at 11:20 AM jeff clark via bivio.com <user*21133900001@bivio.com> wrote:

We've experienced in the few partial withdrawals we've had over many years that on some occassions a partial withdrawal is needed for an emergency (like lack of money).

Perhaps I am reading it wrong, but is the Partnership Agreement saying a partner would have to wait almost 2 months for a withdrawal? (Per para. 18A from Abraham)

Example. A partner sends a request for a partial withdrawal one week after the monthly meeting (ie, say the meeting was 12/15/21 and the partner email his/her written request 12/18/21).

The next meeting say is 1/15/22 - which would be the meeting the request would be 'deemed as received'.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Does this mean the partner requesting a withdrawal would not receive payment until the February valuation statement is run?

Just trying to get clarity and determine if we need to re-word our PA. I think our Treasurer has been paying out on based on the valuation statement closest to when the request was received, but I know it hasn't taken two months.

Thanks, Jeff

On Friday, December 31, 2021, 04:31:45 PM CST, Joanne Hermiston <hermiston@bivio.biz> wrote:

Hi,

It is important to verify that all your bivio records are correct before you make any withdrawal entry.

You need to follow the terms laid out in the partnership agreement for entering the withdrawal. It should describe what to use as the valuation date and the transaction date.

Hope that helps. Contact us at support@bivio.com for any further guidance.

Joanne Hermiston

bivio support team

On Fri, Dec 31, 2021 at 4:24 PM Abraham Morrall via bivio.com <user*38189900001@bivio.com> wrote:

Peter, thanks.

Abe

On Fri, Dec 31, 2021 at 3:33 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

So your meeting date establishes valuation date ( "...the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received..."), it seems the partnership got a bit ahead of itself. When was the first meeting following the meeting at which the withdrawal notice was deemed received? You need that valuation and you need that date to establish valuation. Then you need to look at the check and see the difference between what you paid and the valuation. On the other hand, since it is a partial withdrawal, what you paid is what he got, so perhaps it makes no difference in the amount received. I would stick with the partnership valuation date, but since it was a partial withdrawal, use the partnership valuation date to establish basis and value.

Peter Dunkelberger

On Fri, Dec 31, 2021 at 2:27 PM Abraham Morrall, Jr via bivio.com <user*38189900001@bivio.com> wrote:

The partnership agreement states:
18. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw a part or all of the value 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 Partnership. 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.

* 18A. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner's account.

Len Delmolino
Massachusetts High Flyers Investment Club