correct defective clause from the partnership agreement. 1. PARTNERSHIP The parties agree to work in partnership and agree to follow the terms and conditions stated in this agree
correct defective clause from the partnership agreement.
1. PARTNERSHIP
The parties agree to work in partnership and agree to follow the terms and conditions stated in this agreement.
2. PARTNERSHIP NAME
The name of the partnership is Pigs on the Fly.
3. HEAD OFFICE/LOCATION
The head office will be located at 321 Administration Avenue, Brandon, Manitoba, R2D 2Y1, or at such other place or places that the parties shall from time to time agree on.
4. TERM
The partnership will operate from the date of this agreement until (whichever occurs first):
The date of the partnership being voluntarily dissolved, if agreed upon by all parties
The date of the partnership being dissolved by an operation of law
December 31, 2023
5. PERCENTAGE OF INTEREST
The parties will each have different ownership percentages in the partnership. Partner A will own 55% of the company and receive 45% of all net profits in the partnership. Partner C will own 35% of the company and receive 35% of all net profits in the partnership. Partner B will own 10% of the company and receive 10% of all net profits in the partnership. All losses and expenses incurred by the partnership will be paid with earnings held within the partnership. If the partnership has insufficient capital to pay for losses and expenses that it incurs, then all expenses and losses will be equally divided and paid for by the three parties. Effort will be compensated with money, by meeting the requirements laid out in the work hours.
6. DRAWS
Each partner shall draw $2,000 from the partnership on the first day of the year. Each party may withdraw from the partnership. Each party is entitled to their profit share and any amount withdrawn exceeding your profit share will be indebted to the partnership and any amount less than their profit share, entitles them to a cheque for the remaining amount to equal their profit share.
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