General merchandising. 1. _________ and _________ will become and remain partners in the business of _________ for the term of _________ years from _________ if both of them shall so long live. 2. Nevertheless the partnership shall terminate at the end of _________ years from _________ if either partner desires its termination, and shall give not less than _________ months' previous notice in writing to the other of them, or shall leave notice at the place where the business is being carried on. 3. The name of the partnership shall be _________. 4. The business of the partnership shall be carried on at _________, or at such other place or places as the partners shall determine. 5. Both of them, _________ and _________, will at all times diligently employ themselves in the business of the partnership, and carry it on for the greatest advantage. 6. Neither party shall, either directly or indirectly, engage in any business except the business of the partnership. 7. The capital of the partnership shall consist of _________ dollars, to be brought in by the partners in equal shares. 8. The rent of the buildings where the business shall be carried on, and the cost of repairs and alterations, and all rates, taxes, payments for insurance, and other expenses and the wages of all persons employed in the business, and all other moneys to become payable upon account of the business, and all losses shall be paid out of the capital of the partnership and the profits or, if they are deficient, by the partners in equal shares. 9. If either partner buys any goods or articles exceeding the value of _________ dollars without the previous consent in writing of the other, the other partner shall have the option either to take those goods or articles on account of the partnership, or to let them remain the separate property of the partner who bought them. 10. Neither partner shall, without the previous consent in writing of the other, enter into any bond, or become bail or security for any person, or do, or willingly suffer to be done, anything whereby the capital or property of the partnership may be attached or taken in execution. 11. Each partner shall punctually pay his [her] separate debts, and indemnify the other partner, and the capital and property of the partnership, against them and all expenses on their account. 12. Books of account shall be kept by the partners, and proper entries made of all the sales, purchases, receipts, payments, engagements, transactions, and property of the partnership and the books of account, and all securities, papers, and writings of the partnership, shall be kept at the countinghouse in _________, or in such other place where the business shall be carried on, and each partner shall have free access at all times to examine and copy out of them. 13. On the _________ day of _________, in the year _________, and on the _________ day of _________ in every succeeding year, a general account shall be made and taken by the partners of all the sales, purchases, receipts, payments, engagements, and transactions of the partnership during the preceding year, and of all the capital, property, engagements, and liabilities for the time being of the partnership. The
general account shall, immediately after it is made and taken, be written in two books, and be signed in each book by each partner, and after each signature, each partner shall keep one of the books, and shall be bound by every account, except that, if any manifest error is found by either partner, and signified to the other partner within _________ months after it has been signed by both of them, the error shall be rectified. 14. The partners shall be entitled to the net profits arising from the business, and remaining after the payments are made in equal shares. 15. In each year it shall be lawful for each partner to take out of the net profits of the business, by equal monthly payments, _________ dollars for his [her] separate use. At the end of any year, if it appears upon taking the general annual account, that the net profits of that year have not amounted to the total yearly amount of the allowances to both partners, in such case, immediately after the general annual account has been taken, each partner shall repay to the partnership the excess (if any) of the amount of the sum which he [she] shall actually have received in respect of the monthly payments over the sum which he [she] shall have been entitled to receive as his [her] share of the net profits of the business. 16. Within _________ months after the expiration of the partnership, other than by the death of either partner, a general account shall be taken by the partners of all the capital, property, engagements and liabilities of the partnership. Immediately after the last mentioned account has been taken and settled, the partners shall make due provision for the payment of the debts and meeting all other liabilities of the partnership, and all the property of the partnership shall be divided between the partners in equal shares. Instruments in writing shall be executed by the partners respectively for facilitating the getting in of the debts due to the partnership, and for vesting the whole right in the respective shares of the property in the partner to whom they respectively shall upon division belong, and for releasing to each other all claims on account of the partnership, and otherwise, as are usual in cases of that nature.