Partnership

A voluntary contract between two or more competent persons to place their money, efforts, labar, and skill or some or all of them, in lawful commerce cr business, with the understanding that there shall be a proportional sharing of the profits and losses between them. Story, Parin. § 2; Colly. Par,In. § 2; 3 Kent, Comin. 23. Partnershlp is the association of two or more persons for the purpose of carrying on business together, and dividing its profits between them. Civ. Code Cal. § 2395. Partnershlp is a synallagmatic and commutative contract made between two or more persons for the mutual participation in the profits which may accrue fro?h property, credit, skill, or industry, furnished in determined proportions by the parties. Civ. Code La. art. 2801. Partnership is where two or more persons agree to carry on any business or adventure together, upon the terms of mutual participation in its profits and losses. Mozley & Whitley. And see Macomber v. Parker, 13 Piek. (Mass.) 181; Bucknam v. Barnum, 15 Conn. 71; Farmers' Ins. Co. v. Ross, 29 Ohio St. 431; In re Gibb's Estate, 157 Pa. 59, 27 Atl. 383, 22 L. R. A. 276; Wild v. Davenport, 48 N. J. Law, 129, 7 Atl. 295, 57 Am. Rep. 552; Morse v. Pacific Ry. Co., 191 III. 356, 61 N. E. 104.

— General partnership. A partnership in which the parties carry on all their trade and business, whatever it may be, for the joint benefit and profit of all the parties concerned, whether the capital stock be limited or not, or the contributions thereto be equal or unequal. Story, Partn. § 74; Bigelow v. Elliot, 3 Fed. Cas. 351; Eldridge v. Troost, 3 Abb. Praa, N. S. (N. Y.) 23.

— Limited partnership. A partnership consisting of one or more general partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted, and one or more special partners, contributing In cash payments a specific sum as capital to the common stock, and who are not liable for the debts of the partnership beyond the fund so contributed. 1 Rev. St. N. Y. 764. And see Moorhead v. Seymour (City Ct. N. Y.) 77 N. Y. Supp. 1054; Taylor v. Webster, 39 N. J. Law, 104.

— Mining partnership. See Mining.

— Particular partnership. One existing where the parties have united to share the benefits of a single individual transaction or enterprise. Spencer v. Jones (Tex. Civ. App.) 47 S. W. 665.

— Partnership assets. Property of any kind belonging to the firm as such (not the separate property of the individual partners) and available to the recourse of the creditors of the firm in the first instance.

— Partnership at wiH. One designed to continue for no fixed period of time, hut only during the pleasure of the parties, and which may be dissolved by any partner without previous notice.

— Partnership debt. One due from the partnership or firm as such and not (primarily) from one of the individual partners.

— Partnership in commendam. Partnership in commendam is formed by a contract by which one person or partnership agrees to furnish another person or partnership a certain amount, either in property or money, to be employed by the person or partnership to whom it is furnished, in his or their own name or firm, on condition of receiving a share in the profits, in the proportion determined by the contract, and of being liable to losses and expenses to the amount furnished and no more. Civ. Code La. art. 2839.

— Secret partnership. One where the existence of certain persons as partners is not avowed to the public by any of the partners. Deering v. Flanders, 49 N. H. 225.

— Special partnership. At common law. Oae formed for the prosecution of a special branch of business, as distinguished from the general business of the parties, or for one particular venture or subject. Bigelow v. Elliot, 3 Fed. Cas. 351. Under statutes. A limited partnership, (q. v.)

— Subpartnership. One formed where one partner in a firm makes a stranger a partner with him in his share of the profits of that firm.

— Universal partnership. One in which the partners jointly agree to contribute to the common fund of the partnership the whole of their property, of whatever character, and future, as well as present. Poth. Socidte, 29; Civ. Code La. 1900, art. 2829.