The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1942-02-12
PARTNERSHIP AGREEMENT

tween Raymond Morissette of
called the party of the first
part, and Edelbert Morissette OF
Hardin, Montana, hereinafter
called the party Of the second
part.
WITNESSETH: That the said
parties hereby agree to become
partners in the business of the
selling and repairing of imple-
ments of huSbandry, including
all farm and ranch machinery,
under the firm name of RAY
MORISSETTE, for a term of ten
/ Q0) years from the date hereof,
upon tho terms and conditions
hereinafter stated:
/. That the business shall be
carried on at the BunSton build
ing located on Center Avenue
in Hardin, Montana, on which
| premises the same is now being
carried on by said Raymond
Morissette, or at any other place
that may be hereafter mutually
agreed upon for that purpose;
2. That proper books of &C
count shall be kept, and therein
shall be duly entered, from time
to time, all dealings, transac-
tons, matters and things what
soever in or relating to the said
business; and each party shall
have full and free access thereto
at all times, but shall not re-
move the same from the prem
Uses;
3. That the capital requisite
for carrying on the said business
shall be advanced by the said
partners in equal parts, and the
said capital, and all such stock,
implements and utensils in
trade, purchased out of the
partnership funds, as well as the
gains and profits of the said
business, shall belong to the
said parties in equal parts:
4. That each party shall be at
full liberty to draw "
monthly for his own private use.
on account, but not in excess
of his presumptive share of the
profits, so long as the said bus
mess shall be found profitable,
and the capital advanced as af-
oresald shall remain undimin-
ished;
S. That neither party shall
become bail or surety for any
other person; nor lend, spend
give or make away with any
part of the partnership prop
erty; or draw or accept any bill,
note, or other security in the
name of the said firm, except in
the due course of the said part
nership business;
6. That an account of the
stock, implements and utensils
belonging to the said business,
and Of the book-debts and cap
ital, shall be taken, and a state
ment of the affairs of the said
partnership be made yearly, 10
be computed from the date
hereof, when the sums drawn by
each party during the preceding
year shall be charged to his
share of the profits of the said
business; but if, at the end of
any one year of the said part
nership, it shall be found to be
Improbable, the said partner
ship shall thereupon be dis
solved, unless it shall be occas-
Toned by some unavoidable loss
or accidental circumstance;
7. That each party shall sign
duplicate copies of each of such
statements of affairs, and shall
retain one of them for his own
use; and another copy thereof
shall be written in one of the
partnership books, and likewise
signed by each of them; and
such accounts shall not again be
opened, unless some manifest
error shall be discovered in Ell
ther of them, within 3 months
thereafter, and then so far only
as respects the correcting of
such error; and every such
statement of affairs shall, in all
respects, be conclusive evidence
between, and binding on, said
parties;
8. That at the expiration or
termination (by death or other.
WiSe) of the said partnership,
a valuation and similar account
of the stock, effects, and capt.
tai, and good will, If any, of the
said firm, shall be taken, stated,
copied and signed in like man
ner and become equally conclu-
sive; and the balance of such
account then found to exist
shall belong to the said parties
in equal moieties and be real
lied and divided accordingly,
and thereupon they shall exc
cute mutual releases;
9. That all disputes and diff
ference, if any, which shall
arise between the said parties,
shall be referred to and decided
by, two Indifferent, competent
persons in or well acquainted
with the implement business,
one to be chosen by either par