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Kinds of Partnership

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KINDS OF PARTNERSHIP. Part nerships are either: Universal, General, Special, or Limited.

A Universal partnership is one in which all the prop erty owned by the parties is contributed, and all the profits are joint benefits. A General partnership is one in which the partners have united for the general purpose of conducting some kind of a business as it is usually carried on. A Special partnership is one created for the conduct of a single adventure or enter prise.

A Limited partnership is one in which one or more of the partners are partners in the ordinary and gen eral way in respect of authority, property and liability, and where one or more have placed a certain sum in the business and have no liability beyond the loss of the sum so contributed. At the Civil law this was the normal type of partnership, but now limited partner ships exist by virtue of State statutes.

In addition to the partnerships just mentioned, the statutes of many States provide for Joint-stock com panies, which are partnerships with transferable shares; and Partnership associations limited, which are crude forms of corporations. The various unincor porated social clubs, societies, lodges, granges, Chris tian and co-operative associations, not organized for profit, are not partnerships, and their members cannot be held liable as partners. But the members of such associations who authorize acts to be done by other members may be held liable under the rules applicable to principal and agent.

limited and partners