A Study of the Relation of Partners to One Another in a Partnership

Author

Evelyn Alfred Foward, Prairie A&M College

Date of Award

1-1961

Document Type

Thesis

Degree Name

Master of Arts

Degree Discipline

Business Education

Abstract

In the absence of statutory provision to the contrary, persons who are competent to contract may form a partnership. Certain persons have a legal or natural incapacity to contract. When the contracts of a person are void, he cannot enter into a partnership agreement. If his contracts are merely voidable, he may become a partner, assuming that the other partners will accept him under the circumstances; but he may thereafter avoid the relationship and withdraw from the firm.

The partnership relationship is created by the acts and agreement of the parties. Since the relationship is created by contract, the rights of the parties may be defined by contract. A well organized partnership will be created by written articles of co-partnership. Well-drawn articles of co-partnership will define the major rights and responsibilities of the partners.¹

Usually, the articles of co-partnership will contain the name of the firm, the business to be carried on, the place at which the business is to be conducted, term of the partnership, capital investment of each partner, how the profits and losses will be shared, how the business will be managed, how books are to be kept, definition of the authority of the partners to bind the firm, provision for dissolution and winding up the business and often provisions for continuing the business after the death of one of the partners.

Even in the most carefully drawn articles of co-partnership it is impossible to anticipate all the contingencies which may arise in conducting the business. A body of law has been developed governing the rights of the partners in the event the situation is not provided for in the partnership agreement.²

The problem under consideration in this study is to show whether a relationship exist between partners and to indicate the characteristics of the relationship.

The purpose of this study is to analyze the relationship of partners to themselves in a partnership and to make known some of the facts concerning this relationship.

This thesis is limited to an analysis of the relation of partners to one another.

¹Harold F. Lusk, Business Law, Fourth Edition, (Chicago: Richard D. Irwin, Inc., 1951), p. 416.

²Harold F. Lusk, Business Law, Sixth Edition, (Chicago: Richard D. Irwin, Inc., 1957), p. 410.

Committee Chair/Advisor

L. M. Hyman

Committee Member

William Ferguson

Publisher

Prairie View A&M College

Rights

Date of Digitization

2-18-2022

Contributing Institution

John B Coleman Library

City of Publication

Prairie View

MIME Type

Application/PDF

Recommended Citation

Foward, E. A. (1961). A Study of the Relation of Partners to One Another in a Partnership. Retrieved from https://digitalcommons.pvamu.edu/pvamu-theses/1180