In this agreement You and your partner will join as general partners to form a retail and service business and have agreed to the following terms. .
1. That the partnership will be called the "your business" and it will be located at 2019 13th Ave S , Fargo, ND58103. This is where the all records of business transactions will be kept, these will be accessible to both partners to view at any time they need to. .
2. The partnership shall be in operation for an indefinite amount of time until terminated by a 90 day notice, providing that one or both partners indicate their desire to withdraw from the agreement. Upon notice an inventory will be taken and a division of assets will take place unless one partner displays a desire to purchase the other's share of the business by paying a price determined by an arbitrator who is agreed on by both partners. Upon payment the payer will be able to change the name or move the business at his own discretion.
3. Both partners will contribute $25,000 for initial working capital and the supplies and equipment.
4. Each partner will receive an undivided half interest in the partnership and it's properties.
5. That a fund of $50,000 be set up and retained from the profits as an emergency fund, it being agreed that this fund shall be constituted on less than 15% of the monthly profits until said amount has been accumulated.
6. The profits shall be divided equally between the partners, that the losses shall be attributed according to the subsequent agreement, and that a determination of said profits and losses shall be made and profit shares paid to each partner on a monthly basis.
7. The partnership agreement shall be kept at Midwest Bank of Barnesville, MN and that all withdrawals from same shall be by check bearing the signature of at least one of the partners.
8. That each partner will not take additional duties from another business while taking part in this agreement without the agreement of the other partner.
