The document outlines an agreement between Rachel Montealto, Arlene Duran, and Joeylyn Andaya to become business partners in a bills payment center franchise owned by Rachel. Arlene and Joeylyn will each invest 93,334 Philippine pesos as capital. They will share profits and losses equally after expenses. Any withdrawing partner can only recover their initial investment.
The document outlines an agreement between Rachel Montealto, Arlene Duran, and Joeylyn Andaya to become business partners in a bills payment center franchise owned by Rachel. Arlene and Joeylyn will each invest 93,334 Philippine pesos as capital. They will share profits and losses equally after expenses. Any withdrawing partner can only recover their initial investment.
The document outlines an agreement between Rachel Montealto, Arlene Duran, and Joeylyn Andaya to become business partners in a bills payment center franchise owned by Rachel. Arlene and Joeylyn will each invest 93,334 Philippine pesos as capital. They will share profits and losses equally after expenses. Any withdrawing partner can only recover their initial investment.
The document outlines an agreement between Rachel Montealto, Arlene Duran, and Joeylyn Andaya to become business partners in a bills payment center franchise owned by Rachel. Arlene and Joeylyn will each invest 93,334 Philippine pesos as capital. They will share profits and losses equally after expenses. Any withdrawing partner can only recover their initial investment.
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AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This agreement, made and entered into this ______ day of ____________, 2022 by and between:
RACHEL MONTEALTO, Filipino, of legal age, married and residing at Brgy. Puting Kahoy, Silang, Cavite, herein referred to as RACHEL;
ARLENE DURAN, Filipino, of legal age, married and residing at Brgy. Puting Kahoy, Silang, Cavite, herein referred to as ARLENE;
-and-
JOEYLYN ANDAYA, Filipino, of legal age, married and residing at Brgy. Puting Kahoy, Silang, Cavite, herein referred to as JOEYLYN;
WITNESSETH THAT:
WHEREAS, RACHEL is a franchisee of VIP Center for bills payment center and registered the same at Department of Trade and Industry (DTI) under the business name JAR BILLS PAYMENT AND REMITTANCE CENTER located at Lot 2A6 Sta. Rosa Road, Barangay Puting Kahoy, Silang, Cavite;
WHEREAS, the amount of the franchise fee is TW0 HUNDRED EIGHTY
THOUSAND PESOS (Php 280,000.00) Philippine Currency which RACHEL paid;
WHEREAS, her friends ARLENE and JOEYLYN offered to RACHEL that they will share in said franchise fee to enable them to become partners of RACHEL in the bills payment center business and RACHEL accepted the offer;
WHEREAS, ARLENE and JOEYLYN are hereby agreed to provide the sum of NINETY-THREE THOUSAND THREE HUNDRED THIRTY-FOUR PESOS (Php 93,334.00) Philippine Currency each for their capital share in the JAR BILLS PAYMENT AND REMITTANCE CENTER of Rachel;
WHEREAS, parties agreed to open a joint account in the bank in the name of JAR BILLS PAYMENT AND REMITTANCE CENTER to deposit their profits for the said business and for this purposes, the parties agreed that apart from the Php 93,334.00 investment, each of them will give an amount of THIRTY THOUSAND PESOS (Php30,000.00) Philippine Currency as their initial deposit for the funds for the said business. In the said account RACHEL, ARLENE and JOEYLYN are authorized to do and conduct any and all transactions with the bank but with the written consent of their co-depositors WHEREAS, parties further agreed on an equal sharing on the profits and loss of the said business after deduction of the operating expenses including the payments for the salary of employees and staff, all permits, taxes, water, electricity bills, telephone, monthly rental for the leased premises of their business and such other services /expenses to be incurred in the said business.
WHEREAS, parties also agreed that all profits or income for the said business will be deposited in their bank joint account less all the expenses to be incurred in the said business;
WHEREAS, the parties will oversee and manage the said business as well as hiring and assigning of staff and employees;
WHEREAS, the parties agreed that if anyone of them will withdraw from the partnership, the withdrawing partner can only get her invested amount of NINETY- THREE THOUSAND THREE HUNDRED THIRTY-FOUR PESOS (PHP 93,334.00) Philippine Currency.
IN WITNESS WHEREOF, parties have hereunto signed below, this ____
BEFORE ME, a Notary Public for and in the Province of _________, this _______ day of ________, 2022 appeared the persons of: RACHEL MONTEALTO - _______________________________________________; ARLENE DURAN - __________________________________________________; JOEYLYN ANDAYA - ________________________________________________; , an integrally complete instrument or document entitled AGREEMENT consisting of two (2) pages, including this page and are attested to be personally known to me or identified by me through competent evidence of identity as defined by the Rules on Notarial Practice of 2004, and they represents to me that their signatures on the document were voluntarily affixed by them for the purposes stated in the document as their free and voluntary act and deed. WITNESS MY HAND AND SEAL ON THE PLACE AND DATE FIRST ABOVE-WRITTEN.
