Partnerships may be either general or special. In general partnerships money invested ceases to be individual property. Each member is made personally liable for the whole amount of debts incurred by the company. The company is liable for all contracts or obligations made by individual members.
Special partners are not liable beyond the amount contributed.
A person may become a partner by allowing people generally to presume that he is one, as, by having his name on the sign or parcel or in the bills used in the business.
A share or specific interest in the profits or loss of a business, as remuneration for labor may involve one in the liability of a partner.
In case of bankruptcy, the joint estate is first applied to the payment of partnership debts, the surplus only going to the creditors of the individual estate. 106
A dissolution of partnership may take-place under express stipulations in toe articles of agreement, by mutual consent, by the death or insanity of one of the firm, by award of arbitrators, or by court of equity in cases of misconduct of some member of the firm.