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House. Comm. on Manufacturing Corporations. Act on limited partnerships, 1824
SEE ALSO 51714. This is an 1824 Act on limited partnerships. Such partnerships were now allowed in the Commonwealth. One or more partners were to
be general partners, furnishing the capital for the enterprise. The partnership's liability was no more than its capital. Partners were to do
business in their names only and all partners were to have equal access to the partnership's records. A partnership had to register with the Town Clerk in
any Town where they had a facility, showing the partners' names and addresses, who was authorized to transact business, sign contracts, and fund
businesses. All partners had to sign off on a written third-party appraisal of the partnerships' assets. Any timelines in the partnership were to be
clearly noted. No sum could be withdrawn by one partner from the partnership without a bona fide dissolution of the partnership. In the event of
bankruptcy, no one partner could be a creditor of the enterprise. When a partnership dissolved, a signed detailed financial record had to be available for
examination by creditors. And finally, an 1822 Act about manufacturing corporations was repealed. (Digitized from a microfilm copy of title originally
held by the Massachusetts State Library).
Title:   An act in relation to limited partnerships.
OCLC Number:   1381147492
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo