@StPat1, hoping you are now available,
Lets have the venue for tomorrows meeting posted here asap.
I think 12noon will be fine for time to allow for unforseen delays.

stpat1: @oluks05, @Creamychic, @azpekuliar, @fastlane84, @ALeshyto.

I can assure you that you have taken the right decision and by working in unity with other partners, we will achieve our goal to be the name to reckon when it comes to haulage in the nearest future.

I will implore you to endeavour to be at the 2nd meeting that will hold in Port Harcourt on Saturday 25th 2013 or the 3rd decisive meeting to hold in Lagos on June 1st.

Being present at the meeting gives you the opportunity to meet other interested partners one - one and air your views, make recommendations, share your experience and have an in-depth knowledge of how the business is to the run and how you will be involved in it.

I want to encourage other interested members to make it to the next upcoming meetings as we are in decisive stages and your input will be greatly appreciated at this stage.

Thanks

stpat have been calling ur line but its not going through. were is d venue for d meeting.

Hello esteemed Partners, I have been unavoidably out of town and out of telecom network area for some days now, and that's what is responsible for my inability to communicate.

I will be in town today. The 2nd meeting will be holding in Port Harcourt tomorrow (Sunday) by 12 Noon. I will send out reminders to your phone before the day runs out. The venue will be at Oyigbo.

I regret any inconvenience this might have caused. Pls Come along with interested friends as important decisions will be discussed before the 3rd meeting in Lagos.

The company name "Haulfast Logistics" will be adopted and the registration will begin by next week.

Ichiebillion1: @StPat1, hoping you are now available,
Lets have the venue for tomorrows meeting posted here asap.
I think 12noon will be fine for time to allow for unforseen delays.

@Ichiebillion1, I know you must have been trying to reach me, I am being delayed by circumstance beyond my control Pls lets make it tomorrow (Sunday) by 12 noon. Try to be there

Thanks for understanding.

hartland:

stpat have been calling ur line but its not going through. were is d venue for d meeting.

@hartland, I know you must have been trying to reach me, I am being delayed by circumstance beyond my control Pls lets make it tomorrow (Sunday) by 12 noon. Try to be there

Thanks for understanding.

EVERWIN: @Stpat1
What are you going to put or invest in this business?
Is there only place for investors (partners) or also for business partners?

@EVERWIN, There is place for both Investing partners and Business partner.

am interested morakone@yahoo.com 08098017769.
@spat
I belief outright truck purchase is better thsn rentage

How did the meeting go today? I'm waiting for an update. When will there be a meeting in Abuja? I will like to meet others. Haulfast is A Good name.

I've showed my interest here earlier and im still vry mch interested.

Dextra: How did the meeting go today? I'm waiting for an update. When will there be a meeting in Abuja? I will like to meet others. Haulfast is A Good name.

Its sunday, tommorow by 12.

saw this thread now .I am interested.evanstical@yahoo.com 08037380000.

I'm interested, Would call you shortly

Hello Guys,

Today's meeting was really interactive, interesting and educative because we discussed a whole lot of issues regarding the biz. There was a good commitment shown as one of the partners came from Delta and he really came prepared with essential questions and inputs that will catalyze the biz.

The highlights of the meeting have been summarized as follows :

Company name
We discussed that the company name can be used to run the company for some time and later incorporated in the nearest future.
These names have been forwarded for name search at the CAC.

Haulfast Logistics

Translog Support Services

Benchmark Support services

Board

We discussed that the there should be a board which should be made up of about 5 people. This board should include me, 3
partners with the highest stakes and a partner nominated by the general house.

The board members will be responsible for taking certain decisions in the interest of the company and respond to issues.

Decision taking

Making recommendations is the responsibility of every partner but and decisions will be taking by the board in as much as its in the interest of the company. You will agree with me that it will be practically impossible to consult every partner before a decision is taken. There will surely be partners that will have to act as managers who will have to take certain decisions without having to consult the entire board. This will include the daily running of the biz and certain actions to aid the smooth running of the biz.

Legal

We discussed that the legal will be handled by a competent barrister to prepare a full Memorandum of partnership.

Partners / Investors
We will now refer to our permanent Partners (Option 1) as PARTNERS and INVESTORS (Option 2) as those that are investing there funds for a fixed ROI (Return on investment)

% for Investors

We discussed that we should have a fixed % on the ROI for investors. It was recommended that we make it a 10% ROI

Accounts

There will be 2 accounts to the company. One is to to handle running expenditure form which regular deposits and withdrawals for the running of the biz. This account will does not necessarily have more than 2-3 signatories who must reside in the same city. While the other account will handle less frequent withdrawals and must have 2 members from the board as signatories.

Profit Sharing

From the profit made, the investors ROI will be deducted and then balance profit shared amongst the partners according to their invested funds. The profit accruing to each partner will be taxed at a certain % to be ploughed back to the biz.
We proposed that I will be taxed 5% lower than other pioneering partners and pioneering members will be taxed between 15% - 20% less than partners who join the company after a period to be agreed by the pioneering members.

Access to information and statement of Account

There shall be unrestricted access to information concerning the biz. Partners whose data is on the banking file shall also have
access to the statement of account of all the accounts of the company at anytime and from anywhere accessible.

Partners and Investors Data

There shall be a compiled bio data file on partners and Investors.

There shall be further discussion on the these and other issues at the next meeting in Lagos before the kick off.

Please feel free to post your questions and I can assure you that you will get satisfying answers that will be beneficial to all concerned.

All interested Partners should endeavour to be at the next meeting that will hold in Lagos. Decisive decisions will be taken.

Thanks
Patric

Kudos to you guys .Happy this thing is moving forward.Wish I was in the meeting, I just recently signed up. I'm not vast in these partnering business, have long been my own boss. My take is this;whats is the criteria for being an investor and what is the minimum amount expected of?What is the difference between the investor and the partner here? I know investors are more into ROI and can pull their money at an agreed date or even convert it to shares.But how about the partners here?Cant everybody be a partner?Was any thing discussed about the minimal contribution?Thanks

evanstical: Kudos to you guys .Happy this thing is moving forward.Wish I was in the meeting, I just recently signed up. I'm not vast in these partnering business, have long been my own boss. My take is this;whats is the criteria for being an investor and what is the minimum amount expected of?What is the difference between the investor and the partner here? I know investors are more into ROI and can pull their money at an agreed date or even convert it to shares.But how about the partners here?Cant everybody be a partner?Was any thing discussed about the minimal contribution?Thanks

Thanks evanstical. being an investor is quite simple. All you need do is discuss on how much is to be invested and agree on the ROI and the period in which the Principal is to be withdrawn or re-invested if the investor so wishes.

The Partner is one which is a part owner of the company.

As much people can be partners but the level and privileges enjoyed by partners will differ with time.

There is no minimal contribution as the ROI (As an investor) or Profit (As a partner) can always be worked out according to the amount injected.

plz which date for the next meeting?

I just saw this thread and am very much interested. I'll talk to my friends about it and am sure they will be interested too. I can't make it to the meeting because am based in delta. My email address is mega2flex@yahoo.com. Please I'll like an update from the meeting. Thanks and kudos

This is a summary of the Memorandum of Agreement. It will be further elaborated and professionally prepared by a qualified legal practitioner.


This is a partnership company with the relationship which exists between people, carrying on business otherwise than as a limited liability company or incorporated trustees, with the sole objective of making and sharing profits or loss.
The relationship exists with 2 groups of Partners.

1: Limited Partners
2: Investing Partners

LIMITED PARTNERS

These are partners that pool together human, material and financial resources to run and manage the business without a fixed ROI (Return on Investment) and period to pull out invested funds. These partners are life partners will the responsibility of ensuring the business runs smoothly for the objective to maximize profit to be achieved.
The limited partnership is to be further classified into

Pioneering Partners and General Partners

Pioneering Partners:
These are the first set of partners who were involved in the setting up and running of the business outfit from inception. They hold the primary privilege.

Becoming a Pioneering Partner
To become a Pioneering Partner, The first set of Limited partners within the first 1-2 months of commencement of business are classified as the Pioneering partners and will surely enjoy some level of privileges. This is because they will be putting in a lot to run the business from inception and will be taking the calculated risk.

The role of Pioneering Partners
Where convenient or assigned, a Pioneering Partner shall take part in the day-to-day management of the partnership’s business or businesses.
Pioneering Partners have the power of making and taking certain decisions and actions without having to consult the entire members of the outfit in as much as such a decision or action will be in the interest of all partners [both Limited Partners and Investing Partners].
A Board of 5 persons {Can be raised to a maximum of 7 persons, depending of the number of pioneering partners} shall be drawn from the Pioneering Partners who will be saddled with the responsibility of taking certain decisions and actions to ensure the safety and security of funds and assets of the outfit. The board will consist of ME. (Mr. …………………………..,), 3 Pioneering partners with the highest invested funds (as at the time of starting up), and a selected General partner. Other roles of the board members will accounted for in other sections of this Memorandum.
Pioneering Partners shall deliberate, discuss, decide on issues bearing but not limited to Business strategies, corporate negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets.

General Partners
General partners are the sets of Limited Partners who joined after 2 months of commencement of business.

The role of General Partners
Where convenient or assigned, a General Partner shall take part in the day-to-day management of the partnership’s business or businesses.
General Partners shall also have the power of making and taking certain decisions and actions with the consent of any 3 members of the Board from Pioneering Partners without having to consult the entire members of the outfit in as much as such a decision or action will be in the interest of all partners [both Limited Partners and Investing Partners].
General Partners can advice, give opinions and make recommendations on issues bearing but not limited to Business strategies, negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets.

INVESTING PARTNERS
These are Partners that involve only their funds in the business at an agreed Return on Investment (ROI) over an agreed period of time.

Becoming an Investing Partner
Becoming an investing partner only involves negotiations with the Limited partners on how much is to be invested at an agreed ROI over an agreed period. There will be some legal documents to be signed.

The role of Investing Partners
An Investing Partner shall not take part in the day-to-day management of the partnership’s business or businesses.
Investing Partners shall not have the power of making and taking certain decisions and actions.
When solicited, Investing Partners can advice, give opinions and make recommendations on issues bearing but not limited to Business strategies, negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets

The rest of this Memorandum Highlights a General concern of all Partners

Decision Taking
Making recommendations is the responsibility of every partner but and decisions will be taking by the board in as much as its in the interest of the company. You will agree with me that it will be practically impossible to consult every partner before a decision is taken. There will surely be partners that will have to act as managers who will have to take certain decisions without having to consult the entire board. This will include the daily running of the biz and certain actions to aid the smooth running of the biz.

Legal
All legal aspect will be handled by a competent barrister to prepare a full Memorandum of partnership.

% for Investors
There would be a fixed % on the ROI for investors. I am suggesting we make it a 10% ROI

Accounts
There shall be two accounts in the name of the business. One shall cater for the immediate expenditures and funds needed to run to business. This account shall have 3 signatories all of whom must reside in the same state. The signatories shall be a member of the board and two other partners. For this account, any 2 of the signatories can sign for funds to be released.
For the other account, which can be termed the main company account shall also have 3 signatories. This account shall hold funds that are not meant for immediate use and the financial backbone of the business is determined by how much funds are held here. The signatories shall be me and 2 other members of the board with the highest invested funds. All there signatories are required for funds to be drawn out of this account.

Taxes
Taxes shall be deducted and remitted as at when due.

Profit Sharing
From the profit made, the investors ROI will be deducted and then balance profit shared amongst the partners according to their invested funds. The profit accruing to each partner will be taxed at a certain % which is to be ploughed back to the business.
For the taxation, I will be taxed 5% lower than other pioneering partners and pioneering partners will be taxed between 15% - 20% less than general partners. Other partners who join the company after a period to be agreed by the pioneering members will also be guided by different terms.

Access to information and statement of Account
Any partner shall publicly or private have unrestricted access to any information concerning the running of the business or its financial position etc.
There shall be unrestricted access to information concerning the biz. Partners whose data is on the banking file shall also have access to the statement of account of all the accounts of the company at anytime and from anywhere accessible. If efficient and necessary, pioneering members shall have sms alerts whenever a transaction is made on any of the accounts.

Partners and Investors Data
There shall be a compiled bio data file on partners and Investors. The data shall contain vital information about partners and their next of kin that that will replace a partner in the event of retirement, death or incapacitation.

Exit
In event that a partner wishes to exit the partnership, He shall be refunded a % amount of invested funds depending on the period of time. All profit accruing to the partner will also be paid in full.

Partners are free to go through it and print out out so that if you have any questions, you can ask here or you can come along with a copy of this to the next meeting in Lagos

well done, you are doing a tremendous job.Our thread has been cold lately. Guys what's happening? Anyway before the meeting, my questions are;
1.When is the next meeting in Lagos?
2.Should limited partners be present running the business i.e distance not being a barrier?
3.If partners are to work maybe as managers,accountants,secretaries,etc, are they to be on salary?how do we go about partners who wants to commit their full time.
2.You said % of partner's money will be refunded.is that an omission?No amount of %. Thanks

evanstical: well done, you are doing a tremendous job.Our thread has been cold lately. Guys what's happening? Anyway before the meeting, my questions are;
1.When is the next meeting in Lagos?
2.Should limited partners be present running the business i.e distance not being a barrier?
3.If partners are to work maybe as managers,accountants,secretaries,etc, are they to be on salary?how do we go about partners who wants to commit their full time.
2.You said % of partner's money will be refunded.is that an omission?No amount of %. Thanks

Thanks evanstical. Now to your questions

1: The date will be fixed soon. Be rest assured that it will be convenient so you have to be there.
2: If possible, Yes. Where convenient, partners should avail themselves to achieve target goals and objectives.
3: For partners who have proven to have the drive, strong will and unflinching commitment to pursue and ensure the company's targets are met, will be paid allowance after 3 months of selfless service.
4: Yes, the % is deduced according to the amount invested, duration of being a partner and other factors.

Hope I relatively answered your questions conclusively?

Thanks
Patric

Too many Qs in my mind, I'll keep it till the day of the next meeting @ lagos. I believe the memorandum can still be edited if need be! And so we all awaits the date and venue for the next lagos meeting! till then, Kudos!

chukwuwike2ny: Too many Qs in my mind, I'll keep it till the day of the next meeting @ lagos. I believe the memorandum can still be edited if need be! And so we all awaits the date and venue for the next lagos meeting! till then, Kudos!

yes of course, it can still be edited if need be. I look forward to meeting you guys again.
Thanks

I'll try to be at the next meeting.

When and where is the next meeting

The date and venue

Date: 8th June 2013
Time: 12 Noon
Venue: 34 Ijaiye road Marketing bus stop Ogba Agege.

From Ikeja, board a bus heading to Ogba and alight at Marketing bus stop. When you are at the bus stop, give me a call

From Ogba, board a bus heading to Agege and alight at Marketing bus stop. When you are at the bus stop, give me a call

From Agege, Board a bus going to Ogba and alight at Marketing bus stop. When you are at the bus stop, give me a call.

Please here are my numbers. 08060089362 or 07085694495. The networks sometimes act funny.

Arrangement for seats and the environment is also quite conducive.

The names


Haulfast Logistics

Translog Support Services

Benchmark Support services

have been submitted to CAC for names search and the search result should be out before next week runs out.
Please be reminded that we agreed that each partner pays #1,500 to take care of the CAC procedures and other logistics as this form the foundation of things to come. This is the first step of our commitment to work towards achieving our goal.
I'm impressed by the responses already and I tell you guys, I'm encouraged to put in all I have in my arsenal to ensure we arrive at our destination.

God willing, I'll be in Lagos on the that date.

Thanks
Patric

stpat1@
This is a summary of the Memorandum of Agreement. It will be further elaborated and professionally prepared by a qualified legal practitioner.


This is a partnership company with the relationship which exists between people, carrying on business otherwise than as a limited liability company or incorporated trustees, with the sole objective of making and sharing profits or loss.
The relationship exists with 2 groups of Partners.

1: Limited Partners
2: Investing Partners

LIMITED PARTNERS

These are partners that pool together human, material and financial resources to run and manage the business without a fixed ROI (Return on Investment) and period to pull out invested funds. These partners are life partners will the responsibility of ensuring the business runs smoothly for the objective to maximize profit to be achieved.
The limited partnership is to be further classified into

Pioneering Partners and General Partners

Pioneering Partners:
These are the first set of partners who were involved in the setting up and running of the business outfit from inception. They hold the primary privilege.

Becoming a Pioneering Partner
To become a Pioneering Partner, The first set of Limited partners within the first 1-2 months of commencement of business are classified as the Pioneering partners and will surely enjoy some level of privileges. This is because they will be putting in a lot to run the business from inception and will be taking the calculated risk.

The role of Pioneering Partners
Where convenient or assigned, a Pioneering Partner shall take part in the day-to-day management of the partnership’s business or businesses.
Pioneering Partners have the power of making and taking certain decisions and actions without having to consult the entire members of the outfit in as much as such a decision or action will be in the interest of all partners [both Limited Partners and Investing Partners].
A Board of 5 persons {Can be raised to a maximum of 7 persons, depending of the number of pioneering partners} shall be drawn from the Pioneering Partners who will be saddled with the responsibility of taking certain decisions and actions to ensure the safety and security of funds and assets of the outfit. The board will consist of ME. (Mr. …………………………..,), 3 Pioneering partners with the highest invested funds (as at the time of starting up), and a selected General partner. Other roles of the board members will accounted for in other sections of this Memorandum.
Pioneering Partners shall deliberate, discuss, decide on issues bearing but not limited to Business strategies, corporate negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets.

General Partners
General partners are the sets of Limited Partners who joined after 2 months of commencement of business.

The role of General Partners
Where convenient or assigned, a General Partner shall take part in the day-to-day management of the partnership’s business or businesses.
General Partners shall also have the power of making and taking certain decisions and actions with the consent of any 3 members of the Board from Pioneering Partners without having to consult the entire members of the outfit in as much as such a decision or action will be in the interest of all partners [both Limited Partners and Investing Partners].
General Partners can advice, give opinions and make recommendations on issues bearing but not limited to Business strategies, negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets.

INVESTING PARTNERS
These are Partners that involve only their funds in the business at an agreed Return on Investment (ROI) over an agreed period of time.

Becoming an Investing Partner
Becoming an investing partner only involves negotiations with the Limited partners on how much is to be invested at an agreed ROI over an agreed period. There will be some legal documents to be signed.

The role of Investing Partners
An Investing Partner shall not take part in the day-to-day management of the partnership’s business or businesses.
Investing Partners shall not have the power of making and taking certain decisions and actions.
When solicited, Investing Partners can advice, give opinions and make recommendations on issues bearing but not limited to Business strategies, negotiations, profit and loss sharing formula, decide the fixed ROI to be paid out to Investing partners, decide what percentage of profit of Limited partners is to be ploughed back into the business, determine how, when and where to acquire and deploy assets

The rest of this Memorandum Highlights a General concern of all Partners

Decision Taking
Making recommendations is the responsibility of every partner but and decisions will be taking by the board in as much as its in the interest of the company. You will agree with me that it will be practically impossible to consult every partner before a decision is taken. There will surely be partners that will have to act as managers who will have to take certain decisions without having to consult the entire board. This will include the daily running of the biz and certain actions to aid the smooth running of the biz.

Legal
All legal aspect will be handled by a competent barrister to prepare a full Memorandum of partnership.

% for Investors
There would be a fixed % on the ROI for investors. I am suggesting we make it a 10% ROI

Accounts
There shall be two accounts in the name of the business. One shall cater for the immediate expenditures and funds needed to run to business. This account shall have 3 signatories all of whom must reside in the same state. The signatories shall be a member of the board and two other partners. For this account, any 2 of the signatories can sign for funds to be released.
For the other account, which can be termed the main company account shall also have 3 signatories. This account shall hold funds that are not meant for immediate use and the financial backbone of the business is determined by how much funds are held here. The signatories shall be me and 2 other members of the board with the highest invested funds. All there signatories are required for funds to be drawn out of this account.

Taxes
Taxes shall be deducted and remitted as at when due.

Profit Sharing
From the profit made, the investors ROI will be deducted and then balance profit shared amongst the partners according to their invested funds. The profit accruing to each partner will be taxed at a certain % which is to be ploughed back to the business.
For the taxation, I will be taxed 5% lower than other pioneering partners and pioneering partners will be taxed between 15% - 20% less than general partners. Other partners who join the company after a period to be agreed by the pioneering members will also be guided by different terms.

Access to information and statement of Account
Any partner shall publicly or private have unrestricted access to any information concerning the running of the business or its financial position etc.
There shall be unrestricted access to information concerning the biz. Partners whose data is on the banking file shall also have access to the statement of account of all the accounts of the company at anytime and from anywhere accessible. If efficient and necessary, pioneering members shall have sms alerts whenever a transaction is made on any of the accounts.

Partners and Investors Data
There shall be a compiled bio data file on partners and Investors. The data shall contain vital information about partners and their next of kin that that will replace a partner in the event of retirement, death or incapacitation.

Exit
In event that a partner wishes to exit the partnership, He shall be refunded a % amount of invested funds depending on the period of time. All profit accruing to the partner will also be paid in full.

Partners are free to go through it and print out out so that if you have any questions, you can ask here or you can come along with a copy of this to the next meeting in Lagos

The memorandum seem to touch most of the essentials.
I will like to make the following observations
1.The one member of the board that will be elected by Limited partners will not necessarily be a General partner. Either a Pioneering or a General partner could be chosen by others to sit on the board.
2. Taxes and Taxation were used twice.Lets use 'tax' to refer to taxation by tax authorities and 'deductions' to refer to the 5% and 15-20% difference in remitted profits to various category of partners.
3.Let us allow two months to draw the line between Pioneering partners and general Partners.
4. The 10% Monthly ROI for Investing partners is a beautiful offer. Lets go with it.
5.All Limited Partners shall hold an Annual General Meeting (AGM) once a year and an Ordinary General Meeting (OGM) once every quarter but may be skipped the quarter an AGM is held.
6. A caveat should be provided for withdrawal from the main account. Only a General meeting (AGM or OGM) should mandate a withdrawal.
7. Every board has a Chairman. The Initiator Patric is best suited to be the Board Chairman.

I will communicate other thoughts as they come up.

Thanks for d job well done.
Want to ask that the lowest amount anyone could start with to be part of the pioneering partner, and also if such pioneering partner ups his/her stake in the business, do we stl hav such later investments incorporated into the earlier stakes of the concerned pioneering partner?
I want to know if only pioneering partners shall cater for the #1,500 contributions .
I still expect the MOA in my mail sir. heroicman4u at yahoo dot CO dot UK

Thanks for d job well done.
Want to ask what is the lowest amount anyone could start with to be part of the pioneering partner, and also if such pioneering partner ups his/her stake in the business in later future, do we stl hav such later investments incorporated into the earlier stakes of the concerned pioneering partner?
I want to know if only pioneering partners shall cater for the #1,500 contributions .
I still expect the MOA in my mail sir. heroicman4u at yahoo dot CO dot UK

The memorandum seem to touch most of the essentials.
I will like to make the following observations
1.The one member of the board that will be elected by Limited partners will not necessarily be a General partner. Either a Pioneering or a General partner could be chosen by others to sit on the board.
2. Taxes and Taxation were used twice.Lets use 'tax' to refer to taxation by tax authorities and 'deductions' to refer to the 5% and 15-20% difference in remitted profits to various category of partners.
3.Let us allow two months to draw the line between Pioneering partners and general Partners.
4. The 10% Monthly ROI for Investing partners is a beautiful offer. Lets go with it.
5.All Limited Partners shall hold an Annual General Meeting (AGM) once a year and an Ordinary General Meeting (OGM) once every quarter but may be skipped the quarter an AGM is held.
6. A caveat should be provided for withdrawal from the main account. Only a General meeting (AGM or OGM) should mandate a withdrawal.
7. Every board has a Chairman. The Initiator Patric is best suited to be the Board Chairman.

I will communicate other thoughts as they come up.

Ichiebillion1: stpat1@

The memorandum seem to touch most of the essentials.
I will like to make the following observations
1.The one member of the board that will be elected by Limited partners will not necessarily be a General partner. Either a Pioneering or a General partner could be chosen by others to sit on the board.
2. Taxes and Taxation were used twice.Lets use 'tax' to refer to taxation by tax authorities and 'deductions' to refer to the 5% and 15-20% difference in remitted profits to various category of partners.
3.Let us allow two months to draw the line between Pioneering partners and general Partners.
4. The 10% Monthly ROI for Investing partners is a beautiful offer. Lets go with it.
5.All Limited Partners shall hold an Annual General Meeting (AGM) once a year and an Ordinary General Meeting (OGM) once every quarter but may be skipped the quarter an AGM is held.
6. A caveat should be provided for withdrawal from the main account. Only a General meeting (AGM or OGM) should mandate a withdrawal.
7. Every board has a Chairman. The Initiator Patric is best suited to be the Board Chairman.

I will communicate other thoughts as they come up.

Thanks for your critical observation and positive input. Well noted