can borrow, buy, or tell in the part
nership name. Other limitations
may include: No partner, without
the consent the other partners),
may obligate thp partnership to
enter into capital transactions, bor
row, or lend money, admit new
partners, hire new laborers), pro
vide labor or management for
other purposes, and the like.
Dissolution or Termination
The subject of life insurance
should be addressed in this section
as it relates to providing capital to
purchase a deceased partners share
of the partnership. Options for ter
mination due to choice, death, or
disability should be covered here.
This section can either refer to a
separate buy-sell agreement to
detail the agreement in this sec
tion. This section would give each
partner the option to buy out the
other partner’s share of partnership
property for any reason. The
method of pricing all assets (usual
ly market value) should be stated.
The option of an installment sale
TO PROTECT YOUR TOBACCO FROM OBEASE.
entire plant safe from disease and allows it to reach its full potential fflj
And the results? A healthier plant and higher quality tobacco. Miki
Ridomil. On a cost per acre basis, it’s the best defense
shield a tobacco plant can gel ■■
For answers to tobacco questions, HHjlliilll
call Fumeylbdd any Monday on te
line, sponsored by Giba-Geigy. 1-800-862-2220 mmmmmm—m—m BBBBP
CIBA-GEIGV 01989 Clba-Gelgy. Agricultural Division. PO. Box 18300, Greensboro. NC 27419. Alloys read and follow label directions
with a stated interest rate and a cer
tain repayment period may be
offered to all parries. This section
should spell out the options of the
departing partner, heirs, or assign
as to what will happen if the
remaining partner does not want to
buy. One or two methods of arbi
tration should be spelled out to
resolve major disagreements.
Miscellaneous
Some of the items covered in
this section may include provi
sions for admitting a new partner,
continuation of an incapacitated
partner as a partner, how to add to
or amend the partnership agree
ment, or various options to purch
ase or lease real estate that is used
but not owned by the partnership.
A regularly held meeting of all
partners in a neutral spot such as a
diner should be spelled out in this
section. This meeting, to be held as
often as neccesary but at least three
times a year, would be used to iron
out disagreements and make plans
for future capital investments,
DEFENSE SHIELD
ACTIVATED, COMMANDER.
WEfcg SAFE NOW. J
cropping and livestock decisions.
These are some of the subjects
that should be discussed before a
formal agreement is drafted. The
Penn State Cooperative Extension
WASHINGTON. DC Know
any farmers and ranchers who
conserve their soil and water in
innovative, cost-effectivejways?
The National Soil and Water
Conservation Awards Program
would like to know about them.
Sponsored by the National En
dowment for Soil and Water Con
servation and funded by the Du
Pont Company, the program is in
its seventh year.
One outstanding conservation
farmer or rancher in each state will
be selected by June 1989, and that
family will be honored in a variety
*
has an excellent publication to help
you in forming your partnership.
To request your circular just call
your local extension office and
request Special Circular 263,
Farmers May Be
For Conservation
of statewide events. The state win
ners also are eligible for national
honors.
“Recognizing the true leaders
who achieve resource manage
ment and pollution abatement can
encourage many others in agricul
ture to conserve their natural re
sources,” said Emmett Barker,
chairman of the Endowment and
president of the Farm and Indus
trial Equipment Institute. “These
remarkable families and thou
sands like them show that soil and
water conservation can be accom
plished voluntarily. They demon-
Lancaster Fanning, Satarday, March 11,19N-A2l
“Drafting a Partnership Agree
ment. 4 * Penn State is an equal
opportunity educational
institution.
Eligible
Awards
strate that conservation is an es
sential and cost-effective invest
ment in a healthy, sustainable
agriculture.”
John A. Krol, group vice presi
dent for Du Pont agricultural
products, saidt "Du Pont’s first
objective is safety and that in
cludes safety in die environment
Thus, we want to help many more
farmers and ranchers understand
that they can protect their re
sources and water quality as they
produce food and fiber. The Du
Pont Company is proud to support
this important conservation
awards program.”
The top conservation farmer or
rancher in each state is selected by
committees of farm, conservation,
and government leaders. From
these state winners, 10 national fi
nalists are selected. They and their
spouses receive an expense-paid
trip to attend a national awards
ceremony in the fall.
Three national winners —chos
en from among the 10 finalists
receive a $l,OOO cash award and a
certificate at White House cere
monies in Washington. •
National winners in the 1988
program were from California,
Kansas and Virginia. The other fi
nalists were from Florida, Ken
tucky, Maine, Pennsylvania, Tex
as, Wisconsin, and Wyoming.
The National Endowment for
Soil and Water Conservation, es
tablished in June 1982, is a non
profit, privately funded, non-po
litical organization dedicated to
conserving the nation’s agricul
tural resources and promoting a
sense of stewardship for the land
by all Americans.
DELAWARE: Stephanie K.
Breeding, State Association of
Conservation Districts, 89 Kings
Highway. Dover, DE 19903.
302/736-4411.
NEW JERSEY: Samuel R.
Race. Stale Soil and Water Con
servation Committee, New Jersey
Dept, of Agriculture - CN 330,
Trenton, NJ 08625.
609/292-5540,
WEST VIRGINIA; Lance Ta
bor, State Soil Conservation Com
mittee. Guthrie Agricultural Cen
ter, Charleston, WV 25305.
304/348-2204.
OHIO: Larry Vance, Ohio De
partment of Natural Resources,
Building E-2, Fountain Sq., Co
lumbus, OH 43224.
614/265-6610.
PENNSYLVANIA: V.C.
“Corky” Miles, Land-Improve
ment Contractors of America, 336
West 16th Street, New Cumber
land. PA 17070. 717/774-7302.
MARYLAND: Howard Wil
liams, State Association of Con
servation Districts, 16514 Whites
Ferry Road, Boyds, MD 20841.
301/926-3763.
VIRGINIA; John R. Keeling,
Va. Farm Bureau Federation, 200
West Grace Street, P.O. Box
27552 Richmond. VA 23261.
804/225-7535.
NEW YORK: Robert L. Yunk
er. Land Improvement Con
tractors of America, 4420 Coving
ton Road, Leicester, NY 14481.
State Coordinators