PARTNERSHIP. 



PAETNEESHEP. 



The general rule is that every person of sound mind, and not otherwise- 

 rained by law, may enter into a contract of partnership. 

 There are several kinds of partners, which may be classed as follov 



1. Ostensible partners, or those whose names are made public as part- 

 ners, and who in reality are such, and who take all the benefits and ri 



2. Nominal partners, or those who appear before the public as partners, 

 but who have no real interest in the business. 



3. Dormant, or silent partners, are those whose names are not known 

 or do not appear as partners, but who, nevertheless, have an interest in 

 the business. 



Special partners, or those who are interested in the business only to the 

 amount of the capital they have invested in it. 



funeral partners, who manage the business, while the capital, either 

 in whole or in part, is supplied by a special partner or partners. They 

 are liable for all the debts and contracts of the firm. 



A nominal partner renders himself liable for all the debts and contracts 

 of the firm. 



A dormant partner, if it becomes known that he has an interest, whe- 

 tht-r creditors trusted the firm on his account or not, becomes liable 

 equally with the other partners. 



The partnership firm is responsible for any acts done by any par 

 iu.i,' the partnership business. 



Tli" representation or misrepresentation of any fact made by any part- 

 ner within the scope of the business, is binding on the firm. 



A notice to or by any of the linn is deemed a notice to or by all of 



liable to third parties for the whole partnership d 

 <>f partnership must in all cases be in writing. 



