Friday, September 7, 2007

Farish, Jones and Company

The capitalization of the company consisted of the above listed real estate, tools, and water power and totaled $21,000. The partners bound themselves to advance money to the firm, whenever needed, at six percent interest. Questions involving extension of the business required the approval of all three, but any other matter could be settled by majority vote. Jones reserved the right to withdraw from the arrangement at any time, and in the event of not being able to reach satisfactory agreement with his associates for such withdrawal, he was empowered to offer, after ten months notice, his share of the firm at public auction on terms of at least one-third cash and the balance in twelve and twenty-four months. Either of the Farishes could likewise retire from participation, but for some reason had to wait only six months before seeking a public auction. Otherwise, the partnership would last for ten years from January 1, 1847.--Harry Poindexter

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