Patecell v. Cook

OPINION

HATHAWAY, Judge.

In May 1979, appellant offered appellee a position as a partner in his telephone equipment business. The agreement was written by appellant and signed by both parties on May 31, 1979. Appellee accepted the term of the agreement and made a capital contribution of $2,000 while appellant contributed $35,395.66.

Section 6 of the partnership agreement set forth certain conditions. It reads:

“Partners’ drawing accounts, and profit and loss sharing:

Rick Patecell will draw $2,000.00 per month, paid twice monthly, on the first and 15th of the month, at $1,000.00 each payday. From…