American law regards a partnership as an association
of two or more persons who have agreed to
combine their labour, property, and skill, or some or
all of them, for the purpose of engaging in lawful
business and shared profits and losses between them. 1. ____
The parties forming such an association is known as 2. ____
partners. Partners may create a name and use a real 3. ____
family name or names for a partnership. The agreement
to form a partnership is known as an article of
copartership or partership contract. The importantest 4. ____
provision of the agreement is the one stipulating the
manner of distributing profits.
Any number of persons may contract to forming 5. ____
a partnership, and firms of partners may enter into
partnership with one another. However, most
corporations have not power to enter into partnership 6. ____
if such power is expressly given in the corporate charter 7. ____
or article of association. New members may be
admitted into an existed partnership only with the 8. ____
consent of all the partners. The agreement of a partnership
has a definite term of years in general. If no duration
is specified, it is said to be a partnership at
will and can legally terminate at any time by any 9. ____
partners. A partnership can be dissolved or terminated 10. ____
and the terms of the partnership agreement modified
at any time.