Reference
Z1542/3/1
Title
Articles of Partnership
Date free text
21 May 1895
Production date
From: 1895 To: 1895
Scope and Content
Parties:
(i) Benjamin Goffin of Toddington, draper and outfitter;
(ii) Edgar James Gates of Arundel [Sussex], draper and outfitter
Operative Part:
- (ii) paid £250 to (i);
- (i) and (ii) covenanted and agreed to become partners in the business of drapers and outfitters
Provisos:
1. partnership to begin on 1 May 1895 and continue for the joint lives of (i) and (ii) or until determined on 1 February in any year;
2. the firm to be called Goffin and Gates and carried on in High Street, Toddington ;
3. bankers to be Bassett, Son and Harris of Dunstable;
4. capital to be stock in trade and book debts of (i);
5. profits to be divided, until 1 February 1897, two-thirds to (i) and one third to (ii); thenceforth in equal shares;
6. issue of a balance sheet each 1 February;
7. business to pay rent, rates etc. on the business premises and on the dwellings of each partner up to a rent of £20 per annum;
8. each partner may draw up to 30/- per week out of the partnership cash on account of his share of the profits;
9. bankruptcy of either partner determined the partnership;
10. determinations of the partnership to be advertised in the London Gazette;
11. neither partner to assign his share in the partnership without consent of the other;
12. both partners to work for the advantage of the partnership;
13. each partner to be just and faithful to the other;
14. both partners to divulge information to the other partner on request;
15. neither partner to trade outside the partnership;
16. neither partner to hire or dismiss staff without the agreement of the other;
17. neither partner to undertake a journey or voyage without agreement of the other;
18. neither partner to employ any monies or goods of the partnership for any other purpose without the agreement of the other;
19. no loans or credit to be given to persons expressly forbidden by the other partner;
20. if either partner break proviso 19 they are to repay the business;
21. neither partner to enter any bail or bond without agreement of the other;
22. neither partner to do anything which might cause the stock, capital etc. to be seized;
23. each partner to punctually discharge all debts and indemnify the other against default;
24. within six months of determination of the partnership a full account to be produced with each partner given the option of buying out the other;
25. if one partner buy out the other, the one bought out not to practice as draper or outfitter within a radius of thirty miles;
26. on death the surviving partner to be given twelve months to buy the share of the deceased partner;
27. on death of one partner the other to carry on the business on joint account of himself and executor or administrator of the deceased;
28. any purchaser to enter into a bond sufficient to indemnify against all debts etc.;
29. any new partner to execute a deed of covenant;
30. two arbitrators to be appointed to settle any disputes
Witnesses:
- William Edward Alexander Horley of Toddington, grocer;
- Frederick Walker of 43 Oxford Road, Ealing [London]
Level of description
item