needed funds to or on behalf of the Partnership. Payment by the General Partner on account of liability as a matter of law for Partnership obligations is deemed to be an advance under this Section 4.03. An advance described in this Section 4.03 constitutes a loan from the Partner to the Partnership, bears interest at a rate determined by the General Partner (and, if applicable, the Limited Partner making the advance) from the date of the advance until the date of payment, and is not a Capital Contribution.Power to admit a partner:Admitting a new partner into the firm is a relatively straightforward process once the qualified candidate is found.Generally, the applicant is known to the firm either through association for
an extended period of time or, the candidate has experience acquired elsewhere and was employed as the result of this skill and professional background.Once the firm decides that it has the right candidate, there arestill some basics that have to be reviewed. Following is a brief overview of the various issues that must be dealt with in order to set the stage for admitting a new partner to the law firm.