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Deed of Partnership This deed of partnership is made on 19th of November 2003 Business Lighting Carwash Between Peter Jazwinski and Patrick Sharp and Jake Cho The partners agree to the following terms and conditions Operative Clause The partners agree that they become and remain partners on the terms and conditions on this deed and the Partnership act 1890 will apply unless stated by the deed Capital Contribution Mr Jazwinski has agreed contribute 500 HKD worth of capital to start the Lightning Carwash which is 50 of the total capital Mr sharp and Mr Cho both agreed to contribute 250 HKD worth of capital to start the business which is 25 of the total capital each Duties of Partners Mr Cho has agreed to look after the day to day running of the store so he will get the most amount of work Mr Sharp has agreed to work on advertising the business so he will get a moderate amount of work Mr Jazwinski has agreed to be an accountant for the business All partners must be faithful to each other in all issues relating to the business Procedures for Bringing in new Partners If a person wanted to join the partnership then all members must agree to it first Procedures of Settling Disputes If there is a dispute between the partners then Mr Cho gets 40 of the voting rights Mr Jazwinski also gets 40 of the voting rights Mr Sharp will have 20 of the voting rights Partners wanting to Leave or Dying If a partner wants to leave the business then heshe must give six months notice If a partner dies or leaves hisher shares will be divided equally among the partners Profit Distribution Mr Jazwinski Mr Cho and Mr Sharp have all agreed that Mr Jazwinski will get 45 of the profit since he contributed the
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