This section is from the book "Popular Law Library Vol8 Partnership, Private Corporations, Public Corporations", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
One or more of the members of a firm may wish to dispose, not of their shares in the partnership, but of an interest therein, that is, they wish to realize on the anticipated profits in the business. This they have a right to do by contract with other members of the firm or with outside parties. A contract of this kind constitutes what is called a subpartnership, which is entirely independent of and separate from the original partnership and gives no rights thereunder and imposes no liabilities therefrom. The outside parties derive all their rights from their contract with the members who have no power to make them also members of the original firm. It would seem that the device of subpartnership might be employed as a common law method of forming a limited partnership.
 
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