Excerpt from Partnership Private Corporations Public Corporations, Vol. 8: Examination Questions
Section 1. Partnership Defined.
A partnership is a legal relation existing between two or more persons, arising from a contract express or implied, under which a business is conducted for and in behalf of the members of the firm, by mutual agency or through an agency agreed upon.
Section 2. Presumptions.
As to third parties the law presumes mutual agency unless these parties have notice of the terms of the contract providing for some other agency.
Within the scope of the business of the partnership one partner may contract in the name of the firm and bind the firm by his contract, if the party with whom he deals has the right to assume that the contracting partner has the authority of the firm.
Third parties are not interested in the division of the profits, but the law presumes an equal division unless the contract provides otherwise, notwithstanding shares of capital are unequal.
On the dissolution of a solvent firm, partners are entitled by law, nothing in the contract to the contrary, to a division of the assets remaining after debts and profits are paid, in proportion to the capital advanced. In this connection skill or experience, though considered as capital, has no return in such division. The idea being that it has not been diminished or impaired.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. Это и многое другое вы найдете в книге Partnership Private Corporations Public Corporations, Vol. 8