Articles of Partnership

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Office Address: (Hargeisa Somaliland Republic) Emiratul Khayr Building Room Number: 305 Fourth Floor Tel: 00252 2 938955 Fax: 00252 2 938939 Email: info@getcompany.net Email: first name. second name@getcompany.net

Articles of Partnership

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1. Preamble: General Trade, Consultancy, Construction and Contracting Co. Ltd is a partnership business entity affiliated by Somaliland local partners to carry out variety of activities including, trade, consultancy, construction & contracting in Somaliland inland and territorial waters boundaries by using various techniques. The major areas of operations or specialization of GETCO shall include the following two main categories:Consultancy Services: Project proposal writing Report writing Development of business research and feasibility studies Business advice and training consultancy. Engineering consultancy (physical structure estimations, drawings & construction and contracting, etc) Translations of documents (French and Arabic) Marketing and publicity services Advertisement and media relations General Trade: Import and export Employment creation and management of small-scale business activities through advocacy training and provision of capital investment. Exportations and local distribution or sales of various fish products. Exportations of Frankincense and Myrrh Exportations of local agricultural productions. Exportations of natural resources and minerals.

Fishing Sector: Export of various fish species in foreign and neighbouring countries. Conduct feasibility studies on fish potentialities in Somaliland Construction of fishing Getty in major fish potential zones Support and encourage small scale fishers by improving their skills and providing new fishing techniques and fishing gears

Mineral Resources Development: Conduct feasibility studies and market research in mineral potentialities and exportation (both gem stones and industrial mineral). Find out potential investors with proven capabilities and financial capacity to develop and export cement, gypsum, gold, copper, steel and other gems stones abundant by Somaliland territory. 2 Initials:

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However, the principle articles of this partnership agreement will foster to highlight and cover the following important points necessary for GETCO business management: All potential partners must carefully and thoroughly read GETCO partnership agreement sections by section, its website, business profile, and other bulletin. GETCO is not sole proprietor business or corporate, but, it is a partnership entity. The initial investment by each partner The rights, duties, and authorities of each partner The formula by which income and loss are allocated among the partners Provisions on partners salaries and withdrawals Provision for arbitration of dispute among partners, for addition and withdrawal of partners, and for liquidation of the partnership Provision that direct the treatment of errors in the net income of prior periods Provisions that direct the treatment of special gains and loss of GETCO. 2. Mission Statement General Trade, Consultancy, Construction and Contracting Co. Ltd was established to be the best and leading local & international trade and service provider companies around the world envisaged to develop & support exportations of Somalilands abundant natural resources to create employment and foster rapid economic growth. The principles of our mission are to:Provide greater work environment opportunities to our people and treat each other with respect and dignity. Apply the highest standards of excellence to support the quality of our consultancy service and products for foreign exportations. Develop enthusiastically satisfied customers all of the time Contribute environmental protection and its sustainability Recognize that profitability is essential to our future success. 3. Companies Motto: Our motto is to act as the leading and pioneer company in Somaliland active in the development of various sectors by providing services to both public and private. 4. Objectives: To develop or create conducive environment for business growth through provision of consultancies, trade and construction and contracting of lowcost housing projects in both joint ventures and implementation of private & public partnerships. Establish marketing and exportation strategies for locally produced agricultural products and other natural resources to create decent employment and acquire acceptable profits. 3 Initials:

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To provide training and consultancy services to both private and business organizations in Somaliland 5. Terms and Provisions of Partnership: This partnership agreement was made on 24/01/2008 between the first party herein referred as the founder (old partner) and the second party herein referred as the new partners (shareholders) Thus, the parties hereto agreed the terms and provisions set forth this agreement, which is in line with international partnership act as well as Somalilands company law under the name of General Trade, Consultancy, Construction and Contracting Co. Ltd First Party: Ahmed Osman Ismail:- Whose address is Hargeisa Somaliland, Tel: 00252 2 420296, possessing Somaliland passport number 0000150 Second Party: Abdirahman Yuusuf Hassan: whose address is Hargiesa Somaliland and possessing British Passport number_________________ Third Party: Ahmed Mohamoud Habeeb: whose address is Hargeisa Somaliland and possessing Somali passport number_________________ Fourth Party; Sadia Muse: whose address is PENHA office in Hargeisa Somaliland and possessing , British Passport number:________________ Fifth Party: Amina Farah Aarshe, Whose address is Berbera marine office in Hargeisa Somaliland, and possessing American passport number:______________

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6. Nature of Partnership

i.

Definition:

Business Name Means the official name of the company, which is General Trade,

Consultancy, Construction and Contracting Co. Ltd

Firm is hereby mean the collective term for persons who have entered into partnership
agreement with one another.

Principle Place of Business GETCO shall engage general trade, consultancy, construction
and contracting.

Registrar shall mean the commercial registrar of General Trade, Consultancy,

Construction and Contracting Co. Ltd which is the attorney Generals office of the Republic of Somaliland, Ministry of Fisheries and Coastal Development Ministry of Commerce and Industry as well as local municipalities.

Court includes every court and judge having jurisdiction in the case.
ii. Partnership Property:

Are mean that General Trade, Consultancy, Construction and Contracting Co. Ltd acquired property through capital investment of each partner, liabilities or other financial support means. iii. Notice to Partner:

Written notice will be given to any GETCO partner who habitually acts in the partnership business of any matter relating to partnership affairs except in the case of Freud on the business iv. Liability of Partner

A person, who is admitted as a partner into GETCO does not become liable to the creditors of the firm for any thing done before he/she became a partner. v. Fairness and Goodwill:

A partner must act with the utmost fairness and good faith towards the other members of GETCO Co. Ltd. vi. Application of Partnership Property:

All partnership property must be held and applied by the partners exclusively for the purpose of partnership and in accordance with partnership agreement.

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vii.

Property Brought with GETCO Money:

Unless the contrary intention appears, property bought with money belonging by GETCO is deemed to have been bought on the companys account. viii. Execution against Partnership Property:

GETCO have the legal right to sue any third party or to be sued, whereby, if GETCO is sued by any third party by the legal courts, the company will then hire professional lawyers to provide them all necessary legal aid services. ix. Majority cannot Expel Partner:

The majority of General Trade, Consultancy, Construction and Contracting Co. Ltd cannot expel any partners unless a power to do so or resolution is ratified or passed by the majority of shareholders, and then power is executed in good faith. x. Duration of Partnership Agreement:

The duration of the company shall be 5 years from the date of its registration in the commercial registrar and shall be automatically renewed by the parties after a review on partners discretion. xi. Ending Partnership:

Any partner of GETCO may end his partnership at any time on giving a formal notice to all other partners of his/her intention to do so. 7. Rules for determining rights & Duties of parties in relation to partnership: Subject to this agreement implied between the partners, the interests of partners in the partnership property and their rights and duties in relation to this partnership agreement are determined by the following rules under this section: i. ii. All GETCO Partners are entitled to share income and loss in proportion to the overall net capitals of GETCO. Bases for the allocation of income and loss are used to allocate profit & losses in proportion to capital investment of each partner. GETCO must indemnify every partner in respect of payment made and personal liabilities incurred by him or her in the ordinary and proper conduct of GETCO or otherwise, in or about anything necessarily done by GETCO for the preservation GETCOs Property. A partner making, for the purpose of partnership, any actual payments or advance beyond the amount of capital that he/she agreed to subscribe is entitled to interests at a fair rate from the date of payment, or otherwise, the partner will submit a written a letter to the management that he/she will not put as precondition to receive fair interests. Every partner may take part in management of the partnership company. A partner is not entitled to remuneration for acting GETCO activities unless otherwise approved by the whole shareholders and reached memorandum of understanding. A person may not be introduced as a partner without the consent & approval of all existing partners of GETCO.

iii.

iv. v. vi.

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vii. viii. ix.

x. xi.

All new partners should have to agree and accept the terms and provisions of GETCO and fill GETCO membership form and approved by the chairman possessing the majority of capital investment. All new capitals (both in cash or in kind) needed to be invested each partner must approved by existing Any differences arising as to ordinary matters connected with GETCO may be decided by the majority of partners in consideration of their capital value, but no change may make in the nature of partnership business without the consent & approval of all existing partners. All GETCO Partnership Books and other records must be kept at the place of business which is Hargeisa office, and each partner must have an easy access to inspect and copy any of them. Partners may refer a difference concerning the interpretation or application of partnership agreement to arbitration for final and binding decisions under the

Commercial Arbitration Act or neutral arbitration committee decisions.

8. Ownership Equity Accounts for partnership General Trade, Consultancy, Construction and Contracting Co. Ltd has adopted the policy of creating accounting for ownership equity in which each partner that will have separate capital account. Therefore, the initial capital balances of each partners is as shown on the following table:

Capital of GETCO Profit and loss will be shared and allocated in proportion to capital investment of the partners.

Values in USD. USD: 45,000

S#

Shareholders' Name Total Value of Contributed Net Assets (cash and non-cash)

Percentage %

Net Value of Contributed Assets Per Partner

Total Capital $45,000.00 Cash/Account receivable, Fixed asset and inventories + good wil Good will cash cash Equipment & inventory $45,000.00

1 2 3 4 5

Ahmed Osman Ismail Abdirahman Yususuf Hassan Ahmed Mohamoud Habee Sa'dia Mouse Amina Faarah Aarashe Total capital

44% 11% 11% 11% 22% 100%

$20,000.00 $5,000.00 $5,000.00 $5,000.00 $10,000.00 45,000.00

(Schedule of Contributed net assets will be attached to this partnership document in

terms of Cash, Inventory, land and building, etc)

Partners Drawing Accounts:

7.1.

Drawing accounts are temporary owners equity account, therefore, each partner must be established a separate withdrawal account to record withdrawals of cash and other assets.

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Withdrawals must be recorded by company through using a (T) account format in which at the end of the year (31 December) the drawing account of each partner is closed to his/her capital account. (Look the below example

Ahmed Osman Ismail Capital 750 200

Withdrawal Balance 500 7.2. Financial Statement:

The management of General Trade, Consultancy, Construction and Contracting Co. Ltd shall prepare partnership income statement at end of every month. The income statement shall have the minimum accounting principles as shown the below income statement (EXAMPLE) CODE #. PARTNERSHIP INCOME STATEMENT

General Trade, Consultancy, Construction and Contracting Co. Ltd Income Statement for the Month ended 19X5.. Sales Cost of Goods Sold Gross Margin Operating Expense GETCO: Salaries and wages to non-partners Other expense GETCO Net income 96,000 4,000 100,000 $120,000
120,000
Partner 1 Partner 2 Partner 3 Partner 4 Partner 5 53,328 13,332 13,332 13,332 26,664 Total 119,988

$500,000 280,000 220,000

Allocation of income to partners

All attachments of sales or services revenue must be recorded in separate & attached
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Financial Statement Report made at end of every month.

STATEMENT OF PARTNERS CAPITAL BALANCES General Trade, Consultancy, Construction and Contracting Co. Ltd Statement of Partners capital Balances For the year ended 20.X Capital, January 2006 Add: additional investment Net income Sub-total Less Withdrawals Capital, December 31, 2006 Ahmed 750.00 100,00 850 750.00 300 550.00 Abdirahman Total 750.00 1500,00 100,00 750.00 750.00 200 550,000 1600.00 160,00 500 1100.00

7.3.

Changes in Ownership:

The ownership of General Trade, Consultancy, Construction and Contracting Co. Ltd shall change if there is an admission of new partner and the withdrawal or death of existing partner in consequence of the sale of his/her respective share. Thus, the essence of both transactions is change in the identity of ownership. In the same process a separate owners equity must be established that will have direct effect to the companys operating capital. Whenever, the identity of one or more partners changes, the legal partnership entity is dissolved and new legal partnership entity is created. Dissolution of legal entity, however, does not imply liquidation or destruction of the business entity. For example, the admission of new partner legally dissolves the old partnership and creates new one. The new partnership agreement reached shall include agreement on a new incomeand-loss-sharing ratio 7.4. Investment cycle of General Trade, Consultancy, Construction and Contracting Co. Ltd:

The initial start up capital expenditure that explicit specified in article (7), GETCO had recognized its fixed assets into two main categories: Tangible Fixed Assets: is hereby referred the physical items of the company such as Building, Machinery, Computer, equipment, and motors that will be any percentage (%) of the companys overall investment as described on the receipts, invoices and payment vouchers. 9 Initials:

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Intangible Fixed Assets: is hereby referred any asset which do not have physical form, examples, of the initial expenditures of business start in terms of legalization fees, documentary preparation, research and development, knowledge and experience contributed by individual shareholder. The total values of intangible assets will be recorded and added to total companys fixed assets. It will be divided in proportional during the fiscal as shown on the following example pie chart.
C a p ita l E x p e n d itu re

T a n g ib le F ix e d A s s e ts 90%

In ta n g ib le F ix e d A s s e ts 10%

7.5.

Withdrawal or death of a partner:

If partner withdraw or died, in GETCO, the old partner is diverted of his or her ownership equity in the partnership. In occurrence of both matters, the partner will be treated as following: I. The deceased or withdrew partner will be valued to his/her respective partners equity with current market price. II. His (the deceased) children will automatically transfer the equity of deceased partner to his family in respect to international inheritance law that will only be attested a testimony letter issued by in either internal or external legalized courts. III. Partners shall submit to GETCO a testament letter from legal a court that spells out the number (Female and Male) of family members eligible to equity of the deceased partner. 7.6. Financial & Managerial Auditing

The companys accounts will be audited twice in every year (May and November) with recognized and acceptable auditing firm. The Board of Directors will prepare the terms of reference for auditors.

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8.

Financial Accounts:

General Trade, Consultancy, Construction and Contracting Co. Ltd shall manage its financial resources as explicitly specified on under these articles: I. All financial cash transactions will be maintained and kept in separate & recognized bank account selected & approved by all partners. II. A limited amount of cash will be kept on companys treasurer for day-to-day activities. III. A signatory list for bank approval will be prepared and signed by all the partners. IV. All cash revenue must have receipts and should be deposited in its respective bank account within the same day, or the following day. V. No cash will be allowed to keep in the treasurer more than one day. VI. All loans and liabilities to be expected to incur by GETCO must dually approved and signed by all parties. The loans must be deposited to respective bank account. VII. All financial documents (vouchers, receipts, etc), must be pre-numbered, and cancelled sheets must remain in the book. The cashier or accountant shall not remove any cancelled paper in every situation. VIII. All pre-numbered sheet papers removed from the book will be considered fraud automatically. IX. All partners must sign financial reports and budget plans at end of every month, and at the same time, participate daily and monthly financial transactions. 9. Financial Reports:

The managing director and accountant should prepare financial reports as per sector. The financial reports will include as following. Summary of Financial Statement Statement of partners capital balance Income and expenditure reports attached by monthly bank reconciliation statement and bank statement. Copies of all financial reports will be submitted to all partners in either electronically or by pouch. A separate copy will be submitted to the public notary to file it GETCO folder for the purpose of future reference. 10. Budget Policy: General Trade, Consultancy, Construction and Contracting Co. Ltd shall have a budget policy that will be a set of financial parameters against which actual performance will be compared. Therefore, GETCO Management shall set departmental expenditure and expected outputs. Thus, quarterly financial budgeting will be carried together with partners to identify and compare planned budget and actual expense of GETCO for the purpose of making financial decisions.

Departmental Budget (Year)

Code & sector 001 Item Salaries Travel Stationary

Jan 0.00 0.00 0.00

Feb 0.00 0.00 0.00

Mar 00.0 00.0 00.0

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Other

0.00

0.00

00.0

GETCO departmental budget plans will be established as per area and sector, for instance, fishing, contracting and construction, general trade etc.

Monthly Expense GETCO Report (to be prepared by the department of accounts) First Quarter
Jan
Actual Budgeted Variance

Feb
Actual Budgeted Variance Actual

Mar
Budgeted Variance

Salaries Travel Stationary Other cost

0 0 0 0

+ +

Total

11. Official Communications: All official communications of GETCO will be officially delivered to GETCO standard emails. The outgoing emails must be sent by giving cc to the chairman of GETCO and Managing Director. Other informal means of communications may be shared through meetings, discussions, etc. All official and letter email correspondences must be filed in the office. 12. Fiscal Year: The fiscal year of General Trade, Consultancy, Construction and Contracting Co. Ltd shall commence on the first day of January of every year and ends on the thirty-first (31st,) of December of with exception of the first year of operation that shall commence of as the date of registration in commercial register and ends on the 31st, of December of the same year. 13. Human Resource Management Policy: The Human Resource Management Policy is basically consistent with Somaliland labour code as well as International labour codes such as Employment Rights Act 1996. General Trade, Consultancy, Construction and Contracting Co. Ltd shall consider Human Resource Management Policy as planning for human resource that will be considered within the organization one of the most important resourcing areas. Under this policy, the Human resource director and top-management shall play a central role to plan key inputs to business unit and operational plans as shown below: I. Forecasting likely future demand for labour and the future supply of labour in order to estimate and then fill the gabs II. Analysing and improving the present use of the existing resource III. Respecting human resource management as the most vital resource and will create a genuine job satisfaction and commitment in the workplace. 12 Initials:

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Therefore, the management of the company shall bear in mind to analyse material resource and time through evaluation of tasks:

Value analysis on the use of time and allocation of activities:

Value of Activity 65% 20% 15% B Activities: are important but can be delegated 65% A Activities: will be ranked as being very important

A tasks 15%

B tasks 20%

C tasks

C activities: are less important

Actual use of time

13.1.

Recruitment Policy:

General Trade, Consultancy, Construction and Contracting Co. Ltd shall offer all employment opportunity in the process related to its recruitment policy: I. All vacant posts shall be advertised through local, Regional, international media if necessary. II. All applications shall be signed upon the receipt. III. The management will notify successful candidates by a written letter that spells out the determined timeframe for written tests and interview. IV. The successful candidate(s) shall be notified in written for his/her congratulation. 13.2. Terms and Conditions of Employment:

General Trade, Consultancy, Construction and Contracting Co. Ltd shall enter into contract to its employees in respect to these terms and provisions explicitly defined in this section: I. The contract shall include names of the employer and employee II. The date when employment began III. The scale or rate of pay and the method of calculating pay whereby the employee is paid by commission or bonus IV. When payment is made (i.e. weekly or monthly) and the date of payment. V. The hours to be worked per day VI. Holiday entitlement and holiday pay VII. Sick pay and injury arrangement VIII. The length of notice of termination to be given in either (employer or employee) IX. The Job title X. Duration of contract XI. The work location or duty station XII. Grievance procedure XIII. Disciplinary procedure 13 Initials:

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14. General Meeting of Shareholders: I. The General meeting shall be composed of all the shareholders and shall convene pursuant to an invitation from the chairman or the Board of Directors at least once a year within the four months following the end of the fiscal year. II. GETCO manager shall submit invitation letter to all shareholders indicating at the place of meeting (venue), date, time. III. Partners living outside the country shall be submitted such invitation letter through using registered express mail such as (DHL) and should be addressed to each shareholder at least 21 days prior to the meeting date. IV. The agenda of the meeting shall be attached to the invitation letter for contemplation. V. Each shareholder shall have the right to attend the General Assemble Meeting regardless of the number of shares he holds and he may appoint by special power to another shareholder or third party person as proxy to represent him/her in the general meeting. VI. Each shareholder shall have a number of votes equivalent to the number of shares he holds. VII. The quorum shareholders shall be two thirds (2/3) of companys shareholders possessing at least 55% of the total companys capital. 14.1. Contents of Agenda:

The contents of agenda to present during general assembly meeting shall include as following: I. Compiled and summarized report on companys activities and financial position during the fiscal year. II. Allocation of dividends to be distributed by shareholders III. Setting next years operation plans and necessary adjustment to be made in regard with last audit recommendations and lessons learnt. 15. Structure of General Trade, Consultancy, Construction and Contracting Co. Ltd: The organizational structure of General Trade, Consultancy, Construction and Contracting Co. Ltd Shall be: 1) 2) 3) 4) 5) General Assemble (Shareholders) Board of Directors Chairman of the Board of Directors General Manager Support Staff

16. Election of Board of Directors: I. Board of Directors shall be elected during general assemble meeting by majority vote of shareholders II. The term of Board of Directors shall be one year.

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III. The elected board of directors shall elect themselves the chairman of the Board of Directors in respect with required criteria of honest, public relations, neutrality and impartiality. IV. Shareholders shall sign memorandum of understanding among them that spells out duties and responsibilities of BOD chairman, General Manager and terms of reference for the support staff. 17. Election of the General Manager: In reference of article (6) subsection four (iv) which stipulate that management shall take part in the management of the company, the criteria for electing the General Manager is as following: Candidate partner must hold at 60% of the companys capital. Must have an extensive experience in fishing operations and marketing Must be hold a valid travelling document Must be willing and envisaged to increase the companys profitability Must have a good reputation and high publicity The office term for the general manager shall be one year. The election process of the general manager shall be taken place and be effective after presentation of the companys financial position during the fiscal year. 18. Approaches to Planning and Formulation of Strategy: General Trade, Consultancy, Construction and Contracting Co. Ltd shall have strategic plan to be participated by all of its members. The strategy will be created by Board level and invite some other external stakeholders if it is deemed necessary: During the process of formulating this strategy, the participating teams are needed to bear in mind to use SWOT analysis and answer the following questions: I. Where are we now? II. Where do we want to be? III. How shall we get there? IV. How can we make it work V. How shall we know that we Have arrived?

Review past performance Establish aims, purpose, and targets for the organization (Mission and Vision statement) Develop strategic plan for the whole Company Develop operational or tactical plans Evaluate Performance, leading to an ongoing review of performance

Thus, the final strategy should have to consist of:

Defining the direction that the organization will take in the long term Defining the scope of organizations activities (examples, to produce which products or services)
Matching an organization to its environment Matching the activities of an organization to its available resources. Deciding how major resources will be used by the organization

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Setting out the goals and values of the organization (for example to develop a customer-focused, ethically and environmentally conscious organization. Deciding the pattern of change that will take place in the organization. However, the drafted strategic plan of the company shall be subject of further alterations or amendment when so ever it deemed necessary. 18.1. Strategic Implementations:

The implementation of strategic plan shall maximize benefits and will minimise risks by means of setting benchmark of who will do what? This means that the strategy implementations should therefore involve by the integration of strategy and organizational structure (people, system and performance at every level in the organization). The final aim of the strategy considers as how GETCO turn their strategic plans into operational reality. 19. Duties and Responsibilities of the Chairman: To sign of all agreements between GETCO and any third party. To approve all payments for expenditure by signing payment vouchers. To find foreign markets when applicable. To enter into agreements with other companies in consultation with the other partners To find out investment opportunities To find loans for improving the company operations as per sector. To do all other important activities. 20. Duties and Responsibilities of the General Manager. To carry out all activities related to the field of work To make strategies for producing mass production of lobster To control of all expenditures To supervise and regularly monitor the lobster exportation To submit all financial reports at end of every month. To handover of all payments to the divers and signed official GETCO payment voucher and signed hard copy immediately to the headquarter office. To keep of all financial records and maintain maximum accuracy. To arrange and plan the companys field operations in consultations of other partners To find quotations and procure materials in consultation with other partner 21. Official Signature: This document shall be legal, valid and binding upon the official signature of all parties, where the parties will have memorandum of understanding written in a public notary that will be attached to this document as an addendum. 1. Ahmed Osman Ismail ________________Signature: Capital Value: 44% 2. Abdirahman Yusuf Hassan_____________ Signature: 11% of total capital Value 16 Initials:

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3. Ahmed Mohamoud Habeeb_______________ Signature:11% of total capital value 4. Sadia Mouse_____________________ _________Signature:11% of total capital value 5. Amina Farah Aarshe________________________Signature:22% of total capital value

22. Annexes: Supporting Documents may include: Cash receipts Payment vouchers Invoices Cash books both in Hard copy and in Excel format (separate cash books as per sector)

Database reports

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Structure of GETCO Shareholders

Ahmed Osman
(44%)

Abdirahman Yusuf (11%)

Ahmed Moahmoud (11%)

Sadia Muse (11%)

Amina Farah (11%)

Chairman Ahmed Osman Ismail General Manager Andirahm Yusuuf Mineral General Trade Consultancy Construction Fishing

Berbera Operational Office

Admin/Finance officer

Hargeisa office Manager (1)

Consultancy unit Divers, fishermen (10) Waqdariya Construction unit General Trade Support office

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