38 Articles of Co-Partnership
This agreement entered into this ____ day of ________, 19__, by and between A.B. and C.D., witnesseth, that said parties have formed a co-partnership for the purpose of carrying on the business of & ________ at ________, upon the following terms and conditions:
First: The name and style of said co-partnership shall be A.B. & C.D., and shall continue ________ years from this date, unless sooner terminated by the death of either of said partners.
Second: The said A.B. shall contribute to the capital stock of said firm the sum of $________, and the said C.D. the sum of $________, and said partners shall be the owners of the stock in that proportion, and any further increase of the capital stock shall be contributed by said partners in the same ratio.
Third: All the profits which shall accrue to said partnership shall be equally divided between said partners; and all losses from whatever cause shall be borne by them in proportion to their interests in the stock of said firm.
Fourth: Neither of said partners shall sign or in any manner become liable upon any promissory note or other obligation, for the accommodation of any person whatsoever, nor lend any of the co-partnership funds without the consent in writing of the other partner.
Fifth: Neither party shall withdraw from the funds of the firm to exceed the sum of $________, per annum, in ________ in installments of not to exceed the sum of $________, but neither shall at any time be entitled to draw in excess of his share of the profits then earned.
Sixth: All transactions and accounts of the firm shall be kept in regular books, which shall be open at all times to the inspection of either party or their representatives.
Seventh: An invoice of stock shall be taken on the first day of January of each year, and the account between the parties settled at that time. And an invoice be taken and an account had at any other time when either partner shall demand the same in writing.
Eighth: No transaction outside of the ________ business shall be entered into by either of said partners without the consent in writing of his co-partner. And any violation of the terms of this agreement shall be sufficient cause for a dissolution of this co-partnership.
In testimony whereof we have hereunto set our hands this ____ day of ________, 19__.
A.B.
C.D.
In the presence of G.H.