Page:United States Statutes at Large Volume 76A.djvu/289

–193– -193CHAPTER 79—PARTNERSHIP IN GENERAL SXmCHAFTBB I—QBNBKAI. PBOVIBIONS

Sec. 2871. D^lnition of partnership. 2872. Shipowners. 2873. Formation of partnership. SUBCHAPTER 11

PARTNERSHIP PROPERTY

2891. Definition of partnership property. 28d2. Partner's interest in partnership property. 2893. Partner's share in profits and losses. 2894. When division of losses implied. 2895. Partner may require application of partnership property to payment of debts. 2896. What property is partnership property by presumption. SUBCHAPTER III

2921. 2922. 2923. 2924.

MUTUAL OBLIGATION OF PARTNERS

Partners as trustees for each other. Good faith to be observed between partners. Mutual liability of partners to account. No compensation for services to partnership. SUBCHAPTER IV

RENUNCIATION OF PARTNERSHIP

2941. Renunciation of future profits exonerates from liability. 2942. Effect of rennnciation. Subchapter I—General Provisions § 2871. Definition of partnership Partnership is the association of two or more persons, for the purpose of carrying on business together, and dividing its profits between them. § 2872. Shipowners Part owners of a ship do not, by simply using it in a joint enterprise, become partners as to the ship. § 2873. Formation of partnership A partnership can be formed only by the consent of all the parties thereto, and therefore a new partner may not be admitted into a partnership without the consent of every existing member thereof. Subchapter II—Partnership Property § 2891. Definition of partnership property The property of a partnership consists of all that is contributed to the common stock at the formation of the partnership, and all that is subsequently acquired thereby. § 2892. Part n e r ' s interest in partnership property The interest of each member of a partnership extends to every portion of its property. § 2893. Part n e r ' s s h a r e in profits and losses In the absence of an agreement on the subject the shares of partners in the profit or loss of the business are equal, and the share of each in the partnership property is the value of his original contributions, increased or dimmished by his share of profit or loss. § 2894. When division of losses implied An agreement to divide the profits of a business implies an agreement for a corresponding division of its losses, unless it is otherwise expressly stipulated.

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