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Set Income Pledge To One Partner
SET INCOME PLEDGE TO ONE PARTNER
This addendum states that, [Name of partner] is entitled to a salary of at least $ [Salary per year] per year from the net profits of the partnership before any subsequent distribution of profits to other partners occurs. However, if the net profits of the partnership are not enough to pay aforementioned person the specified amount, the remaining deficit shall be accommodated by the other partners in a proportional manner.
Signature and Title Dated
Signature and Title Dated
Signature and Title Dated