Blacks Law Dict. 1st ed

PARTITION OF A SUCCESSION

874 PARTNERSHIP IN COMMENDAM

conveyance between two or more joint ten ants, coparceners, or tenants in common, by which they divide the lands so held among them in severalty, each taking a distinct part. 2 Bl. Comm. 323, 324. PARTITION OP A SUCCESSION. The partition of a succession is the division of the effects of which the succession is com posed, among all the co-heirs, according to their respective rights. Partition is volun tary or judicial. It is voluntary when it is made among all the co-heirs present and of age, and by their mutual consent. It is ju dicial when it is made by the authority of the court, and according to the formalities pre scribed by law. Every partition is either de finitive or provisional. Definitive partition is that which is made in a permanent and ir revocable manner. Provisional partition is that which is made provisionally, either of certain things before the rest can be divided, or even of everything that is to be divided, when the parties are not in a situation to make an irrevocable partition. Civil Code La. art. 1293, et seq. PARTNERS. Persons who have united to form a partnership in business; members of a firm. An ostensible partner is one whose name appears to the world as such, and he is bound, though he have no interest in the firm. A dormant or secret partner is one whose con nection with the firm is really or professedly concealed from the world. Code Ga. 1882, § 1889. A dormant partner is one whose name is not mentioned in the title of the firm, or embraced in some general term, as company, sons, etc. 4 Phila. 1. A nominal partner is one whose name ap pears in connection with the business as a member of the firm, but who has no real in terest in it. A special partner is one whose liability for the debts and losses of the firm is limited, under statutory provisions, to the amount of the capital he has invested. PARTNERSHIP. A voluntary contract between two or more competent persons to place their money, effects, labor, and skill, or some or all of them, in lawful commerce or business, with the understanding that there shall be a proportional sharing of the profits and losses between them. Story, Partn. § 2; Colly. Partn. § 2; 24 How. 541; 3 Kent, Comm. 23. Partnership is the association of two or more persons for the purpose of carrying on

business together, and dividing Us profits between them. Civil Code Cal. § 2395. Partnership is a synallagmatic and com mutative contract made between two or more persons for the mutual participation in the profits which may accrue from property, credit, skill, or industry, furnished in deter mined proportions by the parties. Civil 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 partici pation in its profits and losses. Mozley & Whitley. Partnership and community are not to be con founded. The first is based on the contract of the parties, which creates the community. The last may exist independently of any contract whatso ever. It is founded on the voluntary contract of the parties, as contradistinguished from the rela tions that may arise between them by mere opera tion of law, independent of such contract. 11 La. Ann. 277. A general partnership is one which in cludes all the dealings of the parties in one particular branch of business, as that of bank ers, publishers, etc. To constituted general partnership, it is enough that the parties agree to conduct a business, and to share its profit and loss. Whether the business is of a general nature, or is confined to particular transactions, the partnership is general. SAbt Pr. (N. S.) 20. A special partnership is properly one formed for a special or particular enterprise or transaction. But the term is also used to denote what is more technically called a "limited" partnership. A limited partnership is one where the firm comprises one or more general paitners and one or several special partners, the latter being liable for the debts or losses of the firm only to the extent of their contributions in cash to the firm's capital. A partnership at will is one designed to continue for no fixed period of time, but only during the pleasure of the parties; and it may be dissolved by any partner without previoas notice. A subpartnership is formed when one partner in a firm makes a stranger a partner with him in his share of the profits of that firm. PARTNERSHIP IN COMMENDAM. Partnership in commendam is formed by a contract by which one person or partnership agrees to furnish another person or partner ship a certain amount, either in property or money, to be employed by the person or part nership to whom it is furnished, in his oi

Archive CD Books USA