LARTNERSHIP-PARTNERSHIP AGREEMENT.

A partnership formed without limitation is
termed a general partnership. An agreement
entered into for the performance of only a par-
ticular work, is termed a special partnership;
while the partner putting in a limited amount
of capital, upon which he receives a correspond-
ing amount of profit, and is held correspond-
ingly responsible for the contracts of the firm,
is termed a limited partnership, the conditions
of which are regulated by statute in different
states.
A partner signing his individual name to
negotiable paper, which is for the use of the
partnership firm, binds all the partners thereby.
Negotiable paper of the firm, even though given
on private account by one of the partners, will
hold all the partners of the firm when it passes
into the hands of holders who were ignorant of
the facts attending its creation.
Partnership effects may be bought and sold
by a partner; he may make contracts; may re-
ceive money; endorse, draw, and accept bills
and notes; and while this may be for his own
private account, if it apparently be for the use
of the firm, his partners will be bound by his
action, provided the parties dealing with him
were ignorant of the transaction being on his
private account; and thus representation or mis-
representation of a partner having relation to
business of the firm, will bind the members in
the partnership.
An individual lending his name to a firm, or
allowing the same to be used after he has with-
drawn from the same, is still responsible to
third persons as a partner.
A partnership is presumed to commence at
the time articles of copartnership are drawn, if
no stipulation is made to the contrary and the
same can be discontinued at any time, unless a
specified period of partnership is designated in
the agreement; and even then be may with-
draw by P-ivinp Drevions notice of such with-

representatives of the partner continue the
business in the event of his death, it should be
so specified in the articles, otherwise the part-
nership ceases at death. Should administrators
and executors continue the business under such
circumstances, they are personally responsible
for the debts contracted by the firm.
If it is desired that a majority of the partners
in a firm have the privilege of closing the affairs
of the company, or in any way regulating the
same, such fact should be designated in the
agreement; otherwise such right will not be
presumed.
Partners may mutually agree to dissolve a
partnership, or a dissolution may be effected by
a decree of a Court of Equity. Dissolute con-
duct, dishonesty, habits calculated to imperil
the business of a firm, incapacity, or the necessi-
ty of partnership no longer continuing, shall be
deemed sufficient causes to invoke the law in
securing a dissolution of partnership, in case the
same cannot be effected by mutual agreement.
After dissolution of partnership, immediate
notice of the same should be given in the most
public newspapers, and a notice likewise should
be sent to every person having special dealings
with the firm. These precautions not being
taken, each partner continues liable for the acts
of the others to all persons who have no knowl-
edge of the dissolution.
Partnership Agreement.
THIs Agreement made this tenth day of June, 187-, be-
tween Charles R. Field, of Salem, Washington County, N. Y.,
of the one part, and David G. Hobart, of the same place, of
the other part, witnesseth:
The said parties agree to associate themselves as copartners,
for a period of five years from this date, in the business of
buying and selling hardware and such other goods and com-
modities as belonv in that line of trade ; the name and style of

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