_Partnership._--An agreement of two or more persons to combine their property, labor, or skill for the purpose of transacting any particular business for their joint profit is called a partnership. The agreement may be oral or written. The partnership is just as extensive as the business it is proposed to do, but no more so. Each partner is entitled to his share of the profits as arranged for in the agreement but in the absence of any stipulation the law will presume equal shares. The partners may agree on a way of dividing the losses, but such agreement will only hold as against those to whom it is made known and credit has been given accordingly. The laws usually provide that articles of partnership may be made known generally to the public by proper publication and recording in a place designated for that purpose. Although long neglect of any articles of agreement will act as a waiver against an innocent creditor. In a partnership the action of one partner with some exceptions, binds the whole partnership, so that rather than have several members to a partnership it is better to form a corporation. A partnership may borrow money and mortgage its property just the same as an individual. A transport line then could be financed by each partner putting in a definite proportion of the capital. Two men might enter into a partnership and one man furnish all the capital, the other the skill and experience necessary to operate the business, the profits and losses to be shared in a manner agreed upon. However, without notice to a creditor at the time the debt was entered into each partner could be held for the entire debt if partnership property would not take care of it. The advantages to be derived from a partnership are that larger capital may be obtained and more business done, the benefit of business skill and experience may be procured, and the work of management may be sub-divided among the several partners so that each may become more proficient, or more efficiently administer his own department. There will be no particular difference between the financing of the partnership and the individual ownership, except perhaps more capital will come in with more partners. The partnership agreement should, to prevent misunderstanding, be carefully drawn up in writing and signed by each partner. It should state the amount and kind of capital each partner puts into the business, the relations and duties of the partners, and the manner in which profits and losses are to be shared. _Corporation._--A corporation is a legal combination of two or more persons into an artificial personage for the purpose of carrying on some lawful business under such grants as secure to it a legal existence and power to act even though the individual memberships change.