Agreement Adding Silent Partner To Existing Partnership Template (Page 2 of 3) in pdf

the entry of the account of cash received and paid on the partnership account.

That A and B shall, during the continuance of the partnership, be the keepers of the cash,

bonds, bills, notes, and other securities belonging to the partnership, and shall balance the

partnership accounts once in every month in such manner as to exhibit the true state and

condition of the affairs of the concern.

That if at any time during the continuance of the partnership any cash, or bills, or other

securities are received by C on the partnership account, he [she] will immediately pay it to

A and B. In case of making default in payment for the space of _________ days, then a

sum equal to _________ percent on the sum detained or withheld shall be charged against

C by way of liquidated damages and not by way of penalty, and shall be retained out of his

[her] share of the profits of the business, and added to the capital of the partnership for the

general benefit of the whole concern.

10.

That A and B will, at all times during the continuance of the partnership, devote the whole

of their time and skill, and to the best of their abilities carry on all the affairs of the

partnership, and shall not nor will, at any time during the continuance of such partnership,

either directly or indirectly, be concerned in any other trade, business or profession.

11.

That C shall not be required to bestow any attention, or to act in any way in the business

any further than he [she] shall think fit nor shall he [she] during the continuance of the

partnership, or at any other time, be prevented from carrying on any other business or

trade, excepting that of _________, or any other profession or employment whatsoever,

either on his [her] own account or in partnership with any other person or persons.

12.

That the profits of the joint partnership concern, after deducting all the above expenses

shall be divided into _________ equal portions, and that A and B shall each receive

_________ parts of the profits. C shall receive _________ parts of the profits. Losses will

be borne in the same proportions, unless they are caused by the willful neglect or default of

either of the partners, in which case the loss so incurred shall be made good by the partner

through whose default it shall arise;

[Insert any appropriate general clauses, such as requirement to pay private debts, prohibiting

becoming surety, etc.]

13.

That all money advanced by either of the partners on the joint partnership account, with the

approbation of the others of them, and all sums of money which either of them shall permit

to remain in the business, which, by the rules may be drawn out as part of ascertained

profits shall be passed to his [her] credit in the partnership account, and be entered in the

books of the partnership, and bear interest at the rate of _________ percent per annum for

so long a time as it shall be permitted to remain and shall be considered as a distinct loan,

as if it had been borrowed from any other person, and be accounted for and paid to him

[her] before any division shall be made of the profits of the partnership.

Agreement Adding Silent Partner To Existing Partnership Template Page 2