Partnership Agreements- The treasurers' perspective (Accounts)
I'm the treasurer of a new club and we are in the process of writing our partnership agreement.   Specifically, as treasurer, what issues should I be most concerned with?
Let's finish our discussion of the treasurers' perspective of the partnership agreement by highlighting several of the smaller issues.
With regard to the club checking or Bank Account, many clubs will direct that the signatures of two partners are required on each check issued by the club.
As far as the Broker Account is concerned, there are several standard provisions that should be included to facilitate transactions with your broker.  These are.....
"Any corporation or transfer agent called upon to transfer any securities to or from the name of the partnership shall be entitled to rely on instructions or assignments signed by any partner without inquiry as to the authority of the person(s) signing such instructions or assignments, or as to the validity of any transfer to or from the name of the partnership."
" At the time of a transfer of securities, the corporation or transfer agent is entitled to assume (1) that the partnership is still in existence and (2) that this Agreement is in full force and effect and has not been amended unless the corporation has received written notice to the contrary. "
Without these provisions as part of your partnership agreement, it is likely that your broker may require signatures of ALL club members before transferring securities to or from the  partnership, as in the case of a member withdrawal where securities are transferred to the withdrawing member.   As you can imagine, it may be a rather daunting task getting the signatures of all members in a short period of time.

In most partnership agreements there is a provision that states that  Books of  Account  shall be kept and that these records, whether in computer form or paper form, must be available and open to inspection by any partner at any time .    Keeping your club records on bivio makes this very easy since members of your club may review your club records at any time and as often as they want, without you, the treasurer, having to do anything.  
Also, the treasurer should give the club a full and complete Annual Accounting of the financial status of the club.    It would be appropriate to do this after closing the books for the year and in conjunction with a survey or audit of the financial records by an audit committee that is independent of the treasurer.
There you have it.  There are many important articles in a Partnership Agreement.  As treasurer, you'll need to have an understanding of each of them.    
As always, feel free to send you questions, comments, and suggestions to Trez_Talk.
St.Louis, Missouri