Reference
X292/1
Title
Articles of partnership (draft): 7 years - John Dollin Bassett of Leighton Buzzard, linen & woollen draper; William Cutforth of the same, linen & woollen draper:
Date free text
26 Dec 1815
Production date
From: 1815 To: 1815
Scope and Content
Recites that Peter Bassett, father of John Dollin Bassett, has lately retired, and his son has his stock, and has purchased of Grey Jermain Cooper the leasehold premises at Leighton Buzzard, with the latter's goodwill and stock; altogether estimated £9000; and that John Dollin Bassett & William Cutforth have agreed to become partners as linen & woollen drapers & upholsterers on the following terms: 1. The business shall be carried on with Bassett's stock 2. Cutforth will contribute £3000 3. Further contributions shall be in like proportion 4. The name shall be "Bassett & Cutforth" 5. The premises shall be those lately occupied by Bassett & Cooper 6. Cutforth will pay £30 p.a. rent 7. Bassett shall be entitled to receive £70 p.a. rent; from the partnership 8. Capital is not to be removed without consent 9. Proper accounts shall be kept 10.Cutforth will manage the business 11.Bassett will keep the accounts 12.The partners will keep faith with each other 13.They will not resort to legal actions except by mutual consent 14.Private debts are not chargeable to the partnership 15.Bassett will receive £60 and Cutforth £30 monthly 16.Partners may add to capital, and (on 3 months notice) withdraw addition 17.Neither shall give credit against the other's approval 18.Neither shall execute bonds or promissory notes 19.If a partner does execute bonds etc. he shall be liable to refund to others 20.Staff shall be employed only by mutual consent 21.Cutforth shall not mortgage his share 22.Books shall be balanced on 1 January 23.Final account at expiry of term 24.Or on death of J.D.Bassett 25.If Cutforth should die, Bassett will buy his share 26.Bassett can teminate the partnership on 1 years notice 27.A dispute shall be settled by arbitration (each partner appointing one arbitrator, and these two selecting a third) Witnesses' names are not given. The draft has been altered in pencil to serve as draft for a later agreement (apparently 1 Feb 1823) with Henry Wingrove of Uxbridge, linendraper, several minor changes being made in the terms.
Reference
Level of description
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