Drake Forester`s Single Member Managed LLC Enterprise Agreement This Master Profit Sharing Agreement (this agreement) between Grange Mutual Casualty Company, including its whod-off non-life and accident insurance subsidiaries (the “company”) and the primary agency (the “agent” or “agency”), identified in your agency`s summary and agency agreement with the company, effective January 1, 2016 and remains in effect until the entity reviews, replacements or terminations, and replaces all benefit-sharing and/or pre-profit sharing agreements between parties that cover the same lines of assurance as this agreement. This agreement is complementary and is not part of the Agency`s agreement. 7. DUTIES MANAGEMENT AND RESTRICTIONS. Partners have the same rights to manage the partnership and each partner devotes all their time to running the business. Without the agreement of the other partner, neither partner may lend or lend money in the name of the partnership, manufacture, supply or accept commercial securities, or execute mortgages, guarantee contracts, bonds, credit or purchase or purchase or purchase or sale contracts or contracts for the sale or sale of real estate other than the type of real estate purchased and sold in the normal commercial framework. Before entering into a partnership, you must establish written contracts covering your contracts. An incentive agreement usually indicates the ratio you will use to distribute profits, as well as how you distribute losses. The ratios can be determined by the amount of investments that each partner invests in the business, or you can have an agreement that only shares the profits, so you take the shot for the losses. But there is no partnership if you win. 3. CAPITAL. The capital of the partnership is provided by the cash partners as follows: a separate capital account is held for each partner.
None of the partners have to withdraw part of their account.