Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-03-20
Article OF Co-Pnrtncrship.

This article OF agreement made and entered In
TO this twenty day Of February, A. ID. 1878,
| witnesseth: That Edward Il. Campbell, who re-
sides at the city of Monroe, in the State OF Mich
igan, and Edward X. Potter and William II.
Potter, who reside at the city Of Alpena. Michi-
gan, do hereby enter into co-partnership for the
purpose of carrying on the business of manufac-
turing lumber and shingles, and procuring the
stock and material therefor.
This partnership shall DO known and do busi-
ness under the name and style OF w. IL. q Il. X.
Potter. Said partnership shall begin on the
twenty-third 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, and on lands
situated ON Thunder Bay River and its branches,
and such other lands as SAID partnership may
| from time 10 time select or purchase.
said W. III. q Il. n. Potter are 10 be general
partners, and said Il. =. Campbell is 70 be q
! special or dormant par tner. Said w. II. q II. X.
Potter shall have the sole aud exclusive manage
ment of all the business of said oo-partnershp
Said L. l.. Campbell shall not be responsible or
in any way liable for any of the debts OF obliga-
tons of said partnership beyond the amount Of
capital which he contributes TO the partnership
assets, as hereinafter mentioned, nor is said Camp
bell 10 bind OF make liable said partnership for
nor do any act or thing by which the conduct or
legal liability of said partnership will be interior
red with or fixed or charged, nor contract any OBJ
legations in the name of 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
IOttcr Company, situated IN the city and COun-
" of Apena, 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. OF the
above named property William IL. Potter owns
one-third, which is worth in cash the sum Of for
ty thousand dollars, which he contributes tn the
assets and capital of said co-partnership. 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 TO the assets and capital Of said co-partner-
ship, and of the above named property Edward
L. Campbell owns one-third, which Is worth in
cash the sum of forty thousand dollars which he
contributes 10 the assets and capital OF said CO.
partnership, on the terms and conditions herein-
before stated The said interest and property of
said Il. +. Campbell in said co-partnership, is en-
numbered by mortgage to the extent Of eighteen
thousand dollars, which encumbrance said 4. p.
Campbell is TO cause TO be removed, and leaving
his said one-third interest in said co-partnership
unencumbered.
The three parties to this agrc ement shall share
equally and alike in the net profits of said busi
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
partnership business, provided, however, that |
said Campbell shall be liable 10 the extent and
value of his said interest and contribution as the
same would be after said encumbrance is remov- |
ed, and no farther.
At the end of each year, that is TO say, on the |
first day of January, A ID. 1879, and on the first
day of January each year thereafter, a balance |
sheet shall be made by the person then keeping |
the books of account of said co-partnership, and
balance of profit loss shall then be declared and
apportioned among the three parties to this agree
mcnt in accordance with their respective interests
and general accounting among partners shall |
hen 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
md all the parties TO this contract at all times.
Il is further agreed that the said Il. X. Potter
and w. Ii. Potter shall devote their time and en-
srgies to the careful and efficient prosecution Of
he business herein contemplated, and they shall
zach receive an annual compensation of one thou
'and dollars out Of the funds belonging to said
,o- partnership.
In witness whereof the said parties have here
INTO set their hands the year and day first above
written.
f. p. CAMPBELL,
w. II. POTTER,