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ARTICLES OF CO-PARTNERSHIP
OF ,
JOHNSON & ELMBLAD EN7ERPRISES ~
Between: DALE W. JOHNSON, 5009 Silver Oak Drive, Ft. Pierce, Florida, Hereinafter
• called "JONNSON".
And: RAY P. ELMBLAD, 4911 N~yrtle Dr., Ft. Plerce, Florida, Hereinafter called
_ "ELMBLAD".
WITNESSETH, that the above pa.rties have agreed to become partners in
~ various ENTERPRISES. including real estate transactions in St. Lucie County, Florida;
and in other related businesses as the parties ma~y hereafter agree. ~
NOW THEREFORE, the parties, for mutual consideration, do agree to the
above partnership to be known as JOHNSON & ELMBLAD ENTERPRISES under the terms and
conditfons hereinafter stated:
I. CAPITAL ACCOUNT .
It is agreed that the parties have furnished assets to this business •
which ma?ke up the Capital Account: and the parties agree that each will own an
' undivided one-hal~ (1/2) interest in this partnership. This shall be the percentage
of ownership unless otherwise agreed to by both parties in writing.
II. MANAGERIAL CONTROL AND OPERATION
A. It js agreed that Johnson, will secure land, permits and sell properties
for the partnership and Elmblad, sh~-be the on site manager of.construction and
maintenance of the propert~es owned, Both partners shall devote an approximately
equal time to the operations of this business.
S. It is further agreed that the parties shall draw such amount~ from
the business as they agree upon and as the busfiness warrants; but such draws shall
be reconsciled with the profits a~ the f~nancial statements are prepared in ac-
cordance with the percent of ownership. ~
C. Payments for extra serv9ces perfornied by either partner will be paid
out of partnership funds, when approved in advance in writing by both partners.
~ III. PROFITS AND LOSSES
A. The parties agree that from gross profits, a11 operating expenses_
and obligations will be paid first as that may be required by the management of
said business. .
B. After the expenses have been pazd as stated in Paragraph A, it is
agreed that the net profits will be distributed on the 50/50 percent basis described
ab,ove; with ad~ustment f~om the advances taken by the partners.
` C. In the event there are losses, these are to be shared between the
parties on the same percentage as the profits.
IV. PARTNERSHIP BANK ACCOUNT AND RECORDS
• T
A. Notfice of this partnership shall be filed on a FIf/~TIOUS NAME CERT--
IFICATE, which will be filed with the County Clerk of St. lucie County in com-
pliance with the State Law of Florida. and in any other counties deemed necessary.
B. The partnership shall maintain a seperate partnership bank account
in the name of the firm at a bank or banks agreed upon. All payments and expenses
on behalf of the partnership are to be made from the partnership checking or other
accounts. Similar~ly, all receipts of this bustness are to be Geposited in this
financial institution. '
C. It is agreed that the records and accounts of the partnel^s a1^e tq be
handled by the partners with the optlon of using an accounting firr~. All bAOks and
records will be accessible to each partner at all reasonable tfines. ~
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