IMPLIED POWERS OF PARTNERS. As between themselves parties becoming partners may limit by agreement the powers to be exercised by individual partners, but in the absence of such agree ment, or in dealing with third persons who have no notice of the limitations imposed by agreement, each partner impliedly possesses certain usual and ordinary powers in dealing with the firm business and property.
Thus, every partner is impliedly the general agent of the firm and transacts the business of the firm in the usual and ordinary way. But as agent for the firm he must bind all or none but himself. He is not the agent of an individual but of an entity. The authority of a partner to bind the firm in dealing with third persons, is derived in two ways: 1. It may be a real authority derived from the arti cles of copartnership, or from the nature of the busi ness in the absence of articles.
2. It may be the apparent authority derived from the nature of the business, though actually restricted by the partnership articles.