| Description | 1) house in England to be called Longsdon and Morewood, in St Petersburg John Morewood and Co.
2) each partner to have 5% interest on his capital
3) each manager to have 10% of profits of each concern after deduction of interest
4) remaining profits to be divided into 3 for James Longsdon, John Morewood, and Andrew Morewood senior and Andrew Morewood junior
5) John Morewood to keep himself except for rent of house and wages of clerks employed on company business; same privileges of house rent and clerks' wages extended to managers at Manchester and Cromford
6) John Morewood to have discretionary power for private commissions
7) agreement to take effect from closing accounts at Manchester on 4 January 1783, at Cromford 9 January 1783, and at St Petersburg immediately after John Morewood's return
8) accounts to be regularly closed once a year at most convenient season
9) partners at liberty to quit concern on 6 months notice with capital; cash capital to be paid out in 3 equal parts at 6, 12, and 18 months
10) on death of any partner business to be carried on as usual up to regular time of annual settling, property ascertained, and dead partners' heirs to be paid out in 3 equal parts at 6, 12 and 18 months. |