The Can Do Partnership
This Partnership Agreement is made on May 26, 2010 between Tim Couch and Bert Parker. 1. Name and Business. The parties hereby form a partnership under the name of The Can Do Partnership to produce 50-50 partners, giving equal say and ownership of a racehorse named Can Do. All decisions must be unanimous. 2. Term. The partnership shall be a 5-year term.
3. Purpose and Powers.
3.1 Purpose. The Partnership’s purpose shall be to: give equal say and ownership.
3.2 Powers. The Partnership shall have the following powers: 1) to conduct and operate the Partnership business; 2) to execute necessary business documents including notes, leases, service contracts, etc; 3) to open bank accounts and pay business experts; and 4) to do all other things necessary to carry on their business. 4. Percentage Interest, Capital Contributions, Allocation of Profits and Losses.
4.1 Percentage Interests. The Partners shall have the Percentages Interest in the Partnership as set forth opposite each Partner’s name below:
Tim Couch 50%
Bert Parker 50%
4.2 Initial Capital Contributions. The Partners shall contribute to the Partnership in the following matter:
a) Tim Couch shall contribute to the Partnership in the sum of $8,000.
b) Bert Parker shall contribute to the Partnership in the sum of $16,000.
4.3 Additional Initial Contribution. Tim Couch is a horse trainer, thus meaning he will provide the care and training for Can Do at 1/3 of his usual salary of $24,000. His contribution for one year’s services will total $8,000 and will make the partner’s initial capital contributions equal after one year. At the end of the first year, the partnership will then negotiate an employment contract with Tim.
4.4 On-going Capital Contributions. Each party will contribute $3,000 to the partnership every...