The government class book: Designed for the instruction of youth in the principles of constitutional government and the rights and duties of citizens.Young, Andrew W. (Andrew White)
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The government class book: Designed for the instruction of youth in the principles of constitutional government and the rights and duties of citizens.
Young, Andrew W. (Andrew White)
United States -- Politics and government -- Handbooks, manuals, etc.
§2. The act of any one of the firm is considered the act of all, and
binds all; and either of them is liable for all the debts. But if a bill
or note is drawn by one partner in his own name only, without appearing
to be on partnership account, he alone is bound, though it were made for
a partnership purpose. A partner buying goods on his own account for his
individual use, is alone liable; but if they afterward go to the use of
the partnership, all become responsible.
§3. Sometimes a person agrees to receive, by way of rent, a portion of
the profits of a farm, a tavern, or a manufactory; or an agent or a
clerk receives a share of the profits for his labor. But as there is in
these cases no partnership, the persons who buy the stock and hire the
labor are alone responsible.
§4. All the partners must unite in suing and being sued. One who should
conceal his name so as not to be known when the debt is contracted, may
be sued when discovered to be a partner, if he shares in the profits of
the trade.
§5. A partner cannot sell his interest to another person, who is to take
his place in the partnership, without the consent of all the partners:
nor can a partner, without such consent, withdraw when he pleases, and
dissolve the partnership, except in cases in which the partnership is
without any definite term. A partnership is dissolved by the death,
insanity, bankruptcy, or other inability of one of the parties.
§6. When a partnership is dissolved by the withdrawal of any of the
partners, notice of dissolution ought to be duly published, or a firm
may be bound by a contract made by one partner in the usual course of
business and in the name of the firm, with a person who contracted on
the faith of the partnership, and who had no notice of the dissolution.
The same notice is necessary to protect a retiring partner from
continued responsibility. And even if due notice is given, yet, if he
willingly suffers his name to continue in the firm, or in the title of
the firm over the door of the shop or store, he may in certain cases be
liable.
§7. In some of the states, a partnership may be formed by a number of
persons, some of whom are to be responsible only to a limited amount;
and their names are not to be used in the firm. Before a partnership of
this kind can do business, a writing and certificate signed by the
parties stating the terms of partnership, and the amount for which the
_special partners_ (as they are called) are to be responsible must be
recorded. The terms of partnership must also be published in a
newspaper.
Public-domain text, read in full here on John Shaqi.
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