Catalogue description Agreement of Partnership

This record is held by Coventry Archives

Details of PA 353/17/1
Reference: PA 353/17/1
Title: Agreement of Partnership
Description:

Between Barnabas Dobbs (of Norfolk House, Alderman's Green, Coventry builder and contractor) and George Frederick Dobbs (of 439, Ansty Rd., Coventry, builder and contractor) which states:- firstly, that the partnership will be deemed to have commenced on 1st Mar., 1934 and shall be determinable with six calendar months' notice; secondly, that the firm shall be named "B. Dobbs & Son"; thirdly, that the business shall be carried on in that part of B. Dobbs' house where it has been previously, paying him (as the premises' owner) £20 p.a. quarterly, the partnership paying for water, heating and lighting; fourthly, that the enterprise's bankers will be the Midland Bank (Foleshill branch); fifthly, that the £400 capital will be wholly introduced by B. Dobbs, comprising audited capital less certain items shown on the 28th Feb., 1934 balance sheet (¾ of this capital to be subsequently assigned to B., ¼ to G.F., Dobbs); sixthly, that the profits and losses will be borne by B. and G.F. Dobbs in the ratio of three to one; seventhly, that B. Dobbs will be free to withdraw funds for personal expenses and G.F. Dobbs may abstract the equivalent of a foreman's wages at local rates (either partner regarding the business if he takes a sum larger than his share of the year's profits); eighthly, that the usual account books will be kept; ninthly; that, except in cases of flagrant misconduct, both partners' consent will be necessary for employees' dismissal; tenthly, that on the last day of every February an account will be made (one copy being retained by each partner) whose manifest errors may be corrected within three months of signature; eleventhly, that if the partnership shall be dissolved by notice, bankruptcy or death, the surviving partner will be free to purchase the other's share on giving one calendar month's notice, provided that dissolution by B. Dobbs within the next five years allows him to resume his sole concern (repaying his son moneys as provided in clause 6); twelfthly, the sume to be paid for a defunct partner's share under clause 13 shall consist of (a) the purchase price (interpreted as that partner's share-value as shown by the last relevant balance-sheet), (b) the interest on (a) (calculated at £6% p.a.) in lieu of interest in capital and profits, and that while (b) will be paid forthwith, (a) will be discharged by four half-yearly instalments with £6% p.a. interest, the continuing partner covenanting to indemnify the other or his personal representatives from liabilities; thirteenthly, that B. Dobbs shall be empowered to assign one-third of his share to his son Ernest Rayner on the latter's reaching the age of 21; and fourteenthly, that differences will be submitted to the terms of the Arbitration act, 1889.

Date: 27th Feb, 1935
Held by: Coventry Archives, not available at The National Archives
Language: English

Have you found an error with this catalogue description?

Help with your research