THIS PARTNERSHIP AGREEMENT is made this 15 day of nov, ____, by and between the following
Address: 5135 CATHARINE ST
MARIA RENEE IRVIN City/State/ZIP:PHILA PA 19143
Address: 1828 BAINBRIDGE ST
MITCHELL RICARDO EPPS JR City/State/ZIP:PHILADELPHIA, PA 19146
1. Nature of Business.Â The partners listed above hereby agree that they shall be considered partners in business
for the following purpose:
2. Name. The partnership shall be conducted under the name of KIDDIE CITY DAY CARE CENTER and shall
maintain offices at 5029 BAILTIMORE AVE, PHILADELPHIA, PA 19143.
3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the
partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have
equal rights to manage and control the partnership and its business. Should there be differences between the
partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that
the partners may elect one of the partners to conduct the day-to-day business of the partnership; however, no
partner shall be able to bind the partnership by act or contract to any liability exceeding without the prior written
consent of each partner.
4. Capital Contribution. The capital contribution of each partner to the partnership shall consist of the following
property, services, or cash which each partner agrees to contribute:
Name Of Partner Capital Agreed-Upon Cash % Share
MARIA RENEE $5000.00 $5000.00 50%
MITCHELL $5000.00 $5000.00 50%
RICARDO EPPS JR
The partnership shall maintain a capital account record for each partner; should any partner's capital account fall
below the agreed to amount, then that partner shall (1) have his share of partnership profits then due and payable
applied instead to his capital account; and (2) pay any deficiency to the partnership if his share of partnership
profits is not yet due and payable or, if it is, his share is insufficient to cancel the deficiency.
5. Profits and Losses. The profits and losses of the partnership shall be divided by the partners according to a
mutually agreeable schedule and at the end of each calendar year according to the proportions listed above.
6. Term/Termination. The term of this Agreement shall be for a period of 10 years, unless the partners mutually
agree in writing to a shorter period. Should the partnership be terminated by unanimous vote, the assets and cash
of the partnership shall be used to pay all creditors, with the remaining amounts to be distributed to the partners
according to their proportionate share.
7. Disputes. This Partnership Agreement shall be governed by the laws of the State of PA. Any disputes arising
between the partners as a result of this Agreement shall be settled in a court having jurisdiction in
8. Withdrawal/Death of Partner. In the event a partner withdraws or retires from the partnership for any reason,
including death, the remaining partners may continue to operate the partnership using the same name. A
withdrawing partner shall be obligated to give sixty (60) days' prior written notice of his/her intention to withdraw
or retire and shall be obligated to sell his/her interest in the partnership. No partner shall transfer interest in the
partnership to any other party without the written consent of the remaining partner(s). The remaining partner(s)
shall pay the withdrawing or retiring partner, or to the legal representative of the deceased or disabled partner, the
value of his interest in the partnership, or (a) the sum of his capital account, (b) any unpaid loans due him, (c) his
proportionate share of accrued net profits remaining undistributed in his capital account, and (d) his interest in any
prior agreed appreciation in the value of the partnership property over its book value. No value for good will shall
be included in determining the value of the partner's interest.
9. Non-Compete Agreement. A partner who retires or withdraws from the partnership shall not directly or
indirectly engage in a business which is or which would be competitive with the existing or then anticipated
business of the partnership for a period of NA years, in those NA of this State where the partnership is currently
doing or planning to do business.
IN WITNESS WHEREOF, the partners have duly executed this Agreement on the day and year set forth
ALL INFORMATION, INSTRUCTIONS, TIPS, COMMENTS, AND FORMS ARE PROVIDED "AS IS"
WITHOUT ANY EXPRESS OR IMPLIED WARRANTY, INCLUDING AS TO LEGAL EFFECT OR
COMPLETENESS. They are for guidance and should be modified by you or your attorney to meet your
specific needs and the laws of your state. Use at your own risk. Docstoc, its employees or contractors
who wrote or modified any form, instructions, tips, comments, and decision tree alternatives and choices,
are NOT providing legal or any other kind of advice, are not creating or entering into an Attorney-Client
relationship, and were most likely NOT prepared or reviewed by an attorney licensed to practice law in
your state. Docstoc is unable to and does not provide legal advice. Please note that laws change and are
regularly amended, therefore, the provisions, and names and section numbers of statutes within this
document, if any, may not be 100% correct as they may be partially or wholly out of date and some
relevant ones may have been omitted or misinterpreted. The information and forms are not a
substitute for the advice of your own attorney. You may wish to consult with your own attorney
licensed to practice law in your state.
This document is not approved, endorsed by, or affiliated with any State, or governmental or licensing
Note: You should have carefully read and considered the instructions, tips, comments, and
decision tree alternatives and choices. If you did not you should go back and complete the
process again. You must review the completed document to make sure that it meets your specific
circumstances and requirements, and the particular laws of your state. Docstoc does not review
your completed document, including for consistency, spelling errors, or any reason at all. You (or
your attorney) may want to make additional modifications to meet your specific needs and the
laws of your state.
Where within this document you see this symbol: or an instruction states "Insert any number you
choose ," or something similar, or there is a blank for the user to complete, please note that although
Docstoc believes the information or number may be any that the user chooses, and that there is no law
governing what the information or number should be, you might want to verify this, including by consulting
with your own attorney licensed to practice law in your state. And even if one party has more negotiating
leverage than another you might want to be reasonable.
INFORMATION AND FORMS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED
WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY,
NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR
PURPOSE. IN NO EVENT SHALL DOCSTOC, INC., OR ITS AGENTS, OFFICERS, ATTORNEYS, ETC.,
BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES
FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF
THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF DOCSTOC HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES.
Your use of this document is deemed to be your agreement to the foregoing and that you have read and
agree to our Terms of Service (http://www.docstoc.com/popterm.aspx?page_id=15), as well as our
disclaimer that Legal information is not legal advice, and the important content available
here: Read More (http://www.docstoc.com/popterm.aspx?page_id=114)
No Docstoc employee, contractor, or attorney is authorized to provide you with any advice about what
information (again, which includes forms) to use or how to use or complete it or them.
Entire document © Docstoc, Inc., 2010, 2011