HomeMy WebLinkAbout1597 and commence to wind up its affairs and shall distribute its
assets in liquidation under the supervision of all the partners.
All profits and losses and liquidation shall be allocated equally
to the partners. In such liquidation, the partnership shall first
pay all its debts, then pay credit balances and drawing accounts
of the partners; and finally distribute all other properties
against the capital accounts of the partners. Provided, however,
the remaining partner shall have the right to continue the bus- .
iness as a sole proprietorship, provided the continuing business
pays to the retiring partner the value of his interest in the
partnership. For this purpose, the value of the interest of the
retiring partner shall be the amount of his capital account,
plus or minus any credit or debit balance in his drawing account,
all determined at the end of a such calendar year in accordance
with the accounting methods regularly used by the partnership.
Payment of the amount due to the retiring partner shall be made
in cash in three (3) equal installments, the first within bC days
and the second within 120 days and the third within 180 days
after the end of such calendar year. Upon such payment, the ret-
iring partner shall have no further interest in the partnership
II or its business or assets.
i
{ 11. DEATH. The death of any partner shall cause a dissolution
of the partnership. The surviving partner shall have the right to
continue the business as a sole proprietorship, provided the conti-
nuing partner as a sole proprietorship pays to the estate of the
deceased partner his interest in the partnership. For this purpose,
the value of the interest of a deceased partner shall be the amount
of his capital account, plus or minus any credit or debit balance
~ in his drawing account, all determined as at the end of the month
in which his death occurs in accordance with the accounting methods
regularly used by the partnership. Payment for the interest of a
deceased partner shall be made to this estate in cash in three (3)
equal installments, the first within 60 days the second within
120 days, and the third Within 180 days, after the end of the month
~OOKJI~~ s~Cf~~7
RICNAAO D iNEED. JR P A • ATTORNEY AT lAW • 700 VIRGINIA AVENUE. SUITE t0? FORT MERCE ftOR1OA ~7AS0 - AOSI 1KJ)70
K
sy