- 50 -
professional fees, and $5,330 went to BBPA as an "exchange
account".
MIT 83 Employee Leasing Agreement
As with MIT 80 and MIT 82, MIT 83 and Machise entered into
an employee leasing agreement, dated January 1, 1983. Therein
MIT 83 agreed to provide all the individual employees and
independent contractors required by Machise to conduct its
business for the period January 1 through December 31, 1983.
Like the prior agreements, the MIT 83 agreement stated that
Machise would provide the partnerships with estimates of the
number of employees or contractors it would need to carry on its
business. It further stated that the partnerships would provide
Machise with employees, independent contractors, and equipment,
plus biographical information about those workers. It again
provided that the partnership would have the right to control and
direct the employees and that the partnership would "instruct
each individual as to his work hours and nature of his duties."
As to the contractors, the partnership again had "the exclusive
right to determine the contractor to be used" in Machise's
business.
The employee leasing agreement specifically required MIT 83
to advance ten-elevenths of its invested capital--or $2,888,666--
to Machise. MIT 83 accomplished this advance by endorsing to
(...continued)
partners' short-term obligations.
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