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

14.

C shall, from time to time, be allowed to draw out of the partnership business weekly and

for his [her] private expenses, any sum or sums not exceeding _________ dollars. A and B

shall also be allowed from time to time to draw out of the partnership business weekly, for

their own private expenses, any sum or sums not exceeding _________ dollars each. All

such sums of money, from the time of drawing out will be entered in the cashbook

belonging to the partnership, and be duly accounted for by the parties respectively on

every settlement of accounts and division of the profits of the partnership.

[Insert general clauses for stating annual account, and for general account or dissolution.]

15.

If either of the partners is desirous of terminating the partnership at any time before the

expiration of the term of _________ years, he [she] shall be at liberty so to do, on giving

_________ calendar months' previous notice in writing of that desire to the others, or either

of them, or leaving it at the counting house of the partnership. The continuing partners shall

have the privilege of taking all of the partnership business, at the rate at which it shall be

appraised and valued, on paying his, her or their shares of the valuation to the retiring

partner.

16.

That in case of the death of either of the partners before the expiration of the term of

partnership, the surviving partners will settle and adjust all accounts, matters and things

relating to the partnership, with the executors or administrators of the deceased partner;

but the surviving partners shall have the option of taking all of the partnership property at a

valuation, the amount of which shall be determined by the award of two arbitrators, or their

umpire, in the usual manner, and the costs of making the valuation shall be paid by the

surviving partners and executors or administrators of the deceased partner, according to

their respective proportions in the partnership business.

In witness of which, the parties have executed this Agreement on the date set forth above.

__________________________________________ Signature A

Date _______________

__________________________________________ Signature B

Date _______________

Agreement Adding Silent Partner To Existing Partnership Template Page 3