Elements of the Law of Partnership |
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Common terms and phrases
agent agreed arise assignment Bank bind Burd capital Central Trust Co chem's Cas claim common law Conn consent contract contribution copartner corporation court court of equity created creditors deceased partner dissolution dissolved entitled equity estoppel existence fact firm name Gilm held implied authority individual intention interest Iowa joint joint stock companies land legal title liability liable as partners lien Lindley on Partnership losses Mass Mechem's Cas Minn N. J. Eq ners nership notice obligation Ohio St old firm ordinarily parties partnership affairs partnership articles partnership debts partnership property payment plaintiff purpose question relation rule share profits ship Smith statute supra surviving partner third persons tion trade transaction Uniform Partnership Act unless usually Рас
Popular passages
Page 418 - In any case not provided for in this act, the rules of law and equity, including the law merchant...
Page 423 - When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
Page 72 - The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but no such inference shall be drawn if such profits were received in payment: a.
Page 422 - Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him of its property.
Page 429 - Where a partner has become bankrupt or his estate is insolvent the claims against his separate property shall rank in the following order : (I) Those owing to separate creditors, (II) Those owing to partnership creditors, (III) Those owing to partners by way of contribution.
Page 114 - to be the advantage or benefit which is acquired by an establishment beyond the mere value of the capital, stock, funds, or property employed therein, in consequence of the general public patronage and encouragement which it receives from constant or habitual customers, on account of its local position, or common celebrity, or reputation for skill or affluence, or punctuality, or from other accidental circumstances, or necessities, or even from ancient partialities or prejudices.
Page 356 - In the event of one or more but not all of the members of a partnership being adjudged bankrupt, the partnership property shall not be administered in bankruptcy, unless by consent of the partner or partners not adjudged bankrupt ; but such partner or partners not adjudged bankrupt shall settle the partnership business as expeditiously as its nature will permit, and account for the interest of the partner or partners adjudged bankrupt.
Page 418 - A partnership is an association of two or more persons to carry on as co-owners a business for profit.
Page 422 - No partner is entitled to remuneration for acting in the partnership business, except that a surviving partner is entitled to reasonable compensation for his services in winding up the partnership affairs. (g) No person can become a member of a partnership without the consent of all the partners.
Page 431 - The right to an account of his interest shall accrue to any partner, or his legal representative, as against the winding up partners or the surviving partners or the person or partnership continuing the business, at the date of dissolution, in the absence of any agreement to the contrary.