- 5 - 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...)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011