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Time To Share hereby acknowledges this 2nd day of April 1989
receipt of $2,500 cash from Douglas Merante as a loan to the
company (Time To Share).
Sheldon signed the document as president of Time To Share. On
April 7, 1989, Sheldon signed a document stating:
I hereby acknowledge on behalf of Time To Share receipt of
$2,500 cash from Douglas Merante as a loan to Time To Share.
On April 11, 1989, petitioner wrote a check payable to
Sheldon for $5,000, with a memo note "Time To Share gen.
partnership"; and on April 29, 1989, petitioner wrote a check to
Sheldon for $2,000, with a memo note "Time To Share". As of
April 29, 1989, including the January 3, 1989, Glitter Glaze
check, petitioner had transferred $24,500 to Sheldon.
On April 29, 1989, a document entitled "Agreement" was
signed by petitioner and Sheldon that purported to form a general
partnership between petitioner and Sheldon
for the purpose of engaging in various businesses including
but not limited to: Time To Share * * * and the Merante
Group Ltd., a California Corporation (through which the
parties hereto intend to promote and find licensees for the
manufacture of Plekodur Solid Paint and other specialty
paints, coatings and possibly other products currently
manufactured by * * * a West German firm with whom the
Merante Group Ltd. has a special relationship.
The partnership agreement also provides that the parties thereto
are to have equal ownership in each of the United States
entities; i.e., Time To Share and the Merante Group Ltd.3 The
3 The record contains no information with regard to an
entity entitled the Merante Group Ltd. Glitter Glaze TTS may
(continued...)
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Last modified: May 25, 2011