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General Court. Act respecting limited co-partnerships, 1825
SEE ALSO 51683 On an unspecified date in 1825, the General Court defined limited co-partnerships. They could be formed or renewed for five years.
One or more general partners could assume all the liability they wanted, but special partners were only liable for the cash or in-kind amount
contributed at start up. The special partner's name would not appear in the firm name nor on letterhead. However, the partnership had to keep a book with the
name of the business, names of all the people associated with it, and the assets provided by each. A copy was filed with the Town Clerk and was
available for public inspection. A similar book was filed in every Town where the partnership had an office. One or more of the general partners had to
swear to the truth of the financial details. Any non-cash assets had to be appraised and recorded. When the time came to dissolve the partnership,
the appraisal process happened again for the benefit of any creditors. Several weeks before dissolution, that fact had to be advertised, again for
benefit of creditors. If the general partners failed to follow these rules, the special partner would also be liable for bills and liens. The
partnership could only sue or be sued in the name of the general partners. All partners had to have equal access to the books. No special partner could be a
creditor of the partnership. No co-partnerships were allowed for insurance or banking. (Digitized from a microfilm copy of title originally held by
the Massachusetts State Library).
Title:   An act respecting limited copartnerships.
OCLC Number:   1367361742
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo