Catalogue description Draft Agreement of Partnership

This record is held by Coventry Archives

Details of PA 353/31/2
Reference: PA 353/31/2
Title: Draft Agreement of Partnership
Description:

Between Valentine John Stanworth, Mary Stanworth (spinster) and Barbara Cooke (married woman), all of "Hillside", Pickford Green Lane, Eastern Green, Warws., firstly; to be conducted as a ladies' and gentleman's hairdressers at 109, Spon End, Coventry; secondly, to endure for the partners' joint lives or until terminated by six calendar months' notice; thirdly, to be called "Valentines"; fourthly, to have a bank account for all business moneys (withdrawable in the firm's name by any two partners); fifthly, to take for its capital the stock-in-trade of the ladies' hairdressing business hitherto maintained by M. Stanworth plus £50 contributed by each partner - the capital will be equally shared; sixthly,to observe a standard rate of pay, subject to which the partners will be entitled equally to the profits; seventhly, to keep the usual account-books; eighthly, to permit each partner full access to those books; ninthly, to compile a yearly balance sheet which will be binding if no manifest error shall have been discovered within three months; tenthly, to provide for a mutually-agreed sum withdrawable by each partner repaying excess; eleventhly, to have each partner's private debts punctually repaid; twelfthly, to forbid any partner (without the others' consent) from (a) engaging in any other business, (b) hiring or dismissing employees, (c) lending business-money to any individual whom another partner has (in writing) forbidden the offender to trust, (d) pledging credit otherwise than in the ordinary course of business, (e) endangering the property through entry into any bond, (f) mortgaging her or his share of the profits, (g) drawing any bill of exchange or promissory note upon the firm's money,and (h) contracting for goods above an agreed sum; thirteenthly, to ensure that any partner breaking clause 12's provisions shall indemnify the others; fourteenthly, to entrust surviving partners with the option of purchasing the deceased's or defaulters share subject to (a) the purchase-price's equalling the outgoing partner's share of the capital (according to the latest balance sheet, if any shall have been compiled) (b) the interest (from the date of the last balance sheet, or of this deed if one shall not have been made) at £6% p.a. excluding clause 6's wages-payment, (c) the payment of (b) forthwith and (a) in four six-monthly instalments with £6% p.a. interest, (d) the survivors' covenant to indemnify a deceased partner's personal representatives, and (e) the securing of payments by a floating charge levied on the assets; fifteenthly to be wound up if the purchase-option shall not be exercised or the agreement expires during its members' joint lives (however, the partners may bid for the business at auction); and sixteenthly, to have disputes referred if necessary to a single arbitrator chosen by the Chairman of the Coventry Chamber of Commerce.

Date: 31st Dec, 1945
Held by: Coventry Archives, not available at The National Archives
Language: English

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