Corporate Assign 1

Corporate Assign 1 - PARTNERSHIP AGREEMENT This partnership...

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PARTNERSHIP AGREEMENT This partnership agreementis made on April 5, 2008 between Joshua Klienman and James McGee. 1. NAME AND BUSINESS. The parties hereby form a partnership under the name of We Do It Right Dogs, to conduct a Hot Dog Wagon Business. The principal office of the business shall be inMarlboro, New Jersey. The partnership shall have a general business purpose and may exercise all powers now or hereafter conferred by the laws of the State of New Jersey to the partnerships. 2. DURATION OF PARTNERSHIP. The partnership shall begin on and the partnership shall exist for a term of three years, commencing on April 25, 2008, and terminating on April 27, 2012 unless terminated sooner by mutual consent of the partners or by operation of this agreement. 3. PARTNERSHIP CAPITAL PARTIES AND SHARES. The capital of the partnership shall be contributed in cash $6,000 by the partners which shall consist of the estimated value of the combined real and personal assets contributed to the business as of March 2, 2008. Joshua Kleinman shall contribute $3,000 and James McGee will also contribute $3,000. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership. 4. PROFIT AND LOSS. The net profits of the partnership shall be divided equally between the partners and the net losses shall be the same. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account. 5. EQUAL DISTRIBUTION OF PROFITS AND LOSSES. Each partner shall be entitled to an equal share of the net profits of the business. All losses occurring in the course of business shall be borne equally unless the losses are due to the willful neglect or default, and not the mere mistake or error, or any of the partners, in which case the loss so incurred shall be borne solely by the partner or partners whose neglect or default caused the loss. Distribution of profits shall be made on the first day of the fiscal each year. 6. INDEMNITY BY PARTNERSHIP AND OBLIGATION OF EXISTING PARTNERS. Each partner shall be indemnified by the partnership on all obligations incurred by that partner in the normal course of conducting partnership business. The partners are limited by the provisions of Section 2 of this agreement in the scope of obligations they shall incur on behalf of the partnership. 7.
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This note was uploaded on 05/06/2008 for the course CORP 101 taught by Professor Kelly during the Spring '08 term at Fairleigh Dickinson.

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Corporate Assign 1 - PARTNERSHIP AGREEMENT This partnership...

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