Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-03-06
Article Of Co-Par,nership.

This article Of agreement made nnd entered in
10 this twenty-thlrd day of February A. ID. 1878,
witnesseth: That Edward L. Campbell, who re-
sides at the city of Monroe, in the State Of Mich
igan, and Edward n Potter and William III.
Potter, who reside at the city of AlpeDa. Mioh-
gan, do hereby enter into eo-partnership for the
purpose of carrying ON the business OF manuf.e-
turing lumber and shingles, and procuring the
stock and material therefor.
This partnership shall be known and do bust
ness under the name and style OF W. III. H. n
Potter. Said partnership shall begin ON the
twenty-thrd day of February, A. ID. 1873, and
continue for the period OF five years next there
after, and the business of said partnership shall
be carried on at the city of Alpena, aud on lands
situated on Thunder Bay River and its branches,
and such other lands sad partnership may
from time TO time select or purchase.
said W. Ii. & Il. X. Potter are TO be sneral
partners, and said Il. +. Campbell Is TO be a
special or dormant par tner Said W. ii. q b. X
Potter shall have the sole and exclusive MANAGE
ment of all the business OF said oo-partnershil.
Said +. p Campbell shall not be responsible Oh
in any way liable for any of the debts or obliga-
tions of said partnership beyond the amount Of
capital which he contributes 10 the partnership
assets, ms hereinafter mentioned nor Is said Camp
bell TO bind or make liable said partnership for
the payment of any debt or liability whnteyer,
nor do any act or thing by which the conduct or
legal liability of said partnership Will he interfer-
red with or fixed or charged, nor contract any OBJ
legations in the name ot said firm.
The capital stock OF said co-partnership consists
of the lands buildings, stock, goods and chattels
and credits belonging to the late firm of Campbell
Potter Company, situated in the city ana coun-
ty of Alpena, and in the counties of Altoona and
Montmorency, in the state Of Michigan The
fair cash value of the aforementioned property Is
one hundred and twenty thousand dollars. Ofthe
above named property William III. Potter owns
one-third, which is worth in cash the sum Of for
ty thousand dollars, which he contributes To the
assets and capital of said co-partnershlp: OF the
above named property Edward X. Potter owns
one-third, which is worth in cash the sum of forty
thousand dollars, and which he hereby contrib
utes 10 the assets and capital of SAID co-partner-
ship, and of the above named property Edward
Il. Campbell owns one-third, which is worth in
cash the sum of forty thousand dollars which he
contributes 70 the assets and capital OF said CO.
partnership, on the terms and conditions herein
before stated. The said interest and property of
said T. i. Campbell in said co-pArtnership, is en-
numbered by mortgage 10 the extent of eighteen
thousand dollars which encumbrance said i. 7.
Campbell is TO cause TO be removed, and leaving
his said one-thrd interest in said co-partnership
uncncumbered.
The three parties TO this agreement shall share
equally and alike in the net profits of snid bus-
ness that is TO say, each shall be entitled TO one
third. Each of said partners shall be liable TO
pay one-third of the debts and expenses Of said
business, provided, however, that |
said Campbell shall be liable TO the extent and |
value of his said interest and contribution as the
same would be after said encumbrance is remov- !
ed and no farther.
Al the end of each year, that is TO say, on the |
first day of January, \. D. 1879, and ON the first
Gay OF january eaCh year thereafter, palhice |
sheet shall be made by the person then keeping |
the books of account of said partnership, and
balance of profit or loss shall then be declared and
apportioned among the three parties TO this agree
ment in accordance with their respective interests
and general accounting among partn srs shall |
then be had.
The books of account and all property and |
things belonging or appertaining TO this co-part-
nership, shall be open TO the examination of any |
and MI the parties TO this contract at all times.
IL is further agreed that the said Il. X. Potter
and w. III. Potter shall devote their time and en-
ergies TO the careful and efficient prosecution of
the business herein contemplated, and they shall
each receive annual compensation of one thou
sand dollars out of the funds belonging to said
,o-partnership.
In witness whereof the said parties have here
unto set their hands the year and day first above
written.