The Reporter; Containing Decisions of the Supreme and Circuit Courts of the United States, Courts of Last Resort in the Several States, and the English Courts Volume 20

The Reporter; Containing Decisions of the Supreme and Circuit Courts of the United States, Courts of Last Resort in the Several States, and the English Courts Volume 20

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ...name. At that time the statute did not provide that the partners might contribute to the capital in real or personal property, and no certificate was afterwards recorded to bring the association within the supplementary Act of May 1,1876. Then the inquiry is, whether the members of a partnership, already engaged in business, by recording a statement in due form, showing that each partner has subscribed for and paid in cash a certain sum, none of which was subscribed for or paid, are protected from individual liability for the debts of the association subsequently contracted. The Act of 1874 has little resemblance to the Act of 1836, which authorized the formation of limited partnerships, which may consist of one or more general partners, and one or more special partners. It is far less stringent in its terms, and has no provision for general and special partners. The recorded statement must show the full names of the partners, with the amount of the capital subscribed for by each, and when and how to be paid. Thus the public are informed of the strength of the association, and creditors of the amount of capital paid or to be paid by the members. An execution, in some circumstances, may be directed against members for satisfaction of a debt of the association. It is plain that the statute demands a true statement of the capital, and that prior to the Act of 1876 the capital was to be paid in' cash; since it may be contributed in real or personal property. "If parties seek to have all the advantages of a partnership, and yet limit their liability as to creditors, they must comply strictly with the act." Maloney v. Bruce, 94 Penn. St. 249. I11 that case, and in the case of Keystone Boot and Shoe Company. Limited, v....show more

Product details

  • Paperback | 550 pages
  • 189 x 246 x 28mm | 971g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236768493
  • 9781236768490