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In 1980, Mr. Ramsburg suggested to Mr. Stottlemeyer that
they form a partnership that would engage in the horse business.
Mr. Ramsburg made that suggestion in order to, inter alia, help
Mr. Stottlemeyer who was having family problems. On September
15, 1980, Mr. Ramsburg and Mr. Stottlemeyer formed a general
partnership known as Kildare Timmy (Kildare Timmy). The partner-
ship agreement that they signed with respect to Kildare Timmy
(Kildare Timmy partnership agreement) provided:
PARTNERSHIP AGREEMENT
This Partnership Agreement is dated September 15, 1980,
between Carroll K. Stottlemeyer (Scotty) and J. R.
Ramsburg Jr. (JR) hereafter known as partners.
Scotty is actively involved in the business of training
and racing standard bred horses. JR wants to invest
some money and become involved in this business.
Accordingly, Scotty and JR have agreed to the following
terms of their partnership:
The partnership name will be called KILDARE TIMMY.
Scotty and JR will each own 50% of the assets, liabili-
ties and capital interest of the partnership.
Scotty and JR will each receive 50% of the profits of
the partnership.
Losses incurred by the partnership will be allocated to
the partners based upon cash contributed to the part-
nership. The partner that contributes the cash to the
partnership or guarantees partnership debt so that the
partnership can incur the losses will receive the
benefit of the losses.
Scotty will keep the checkbook and will handle the day-
to-day management of the partnership.
The partnership address will be 1201 East Street,
Frederick, Maryland.
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