Very early English mercantile courts accepted a business setting known as the societas
A link out-of a couple of people engaged in a corporate firm in which the winnings and you will loss is actually common proportionally. The new courtroom concept of a partnership may be stated just like the «an association off two or more people to keep given that co-people a corporate having finances» (Changed Consistent Relationship Operate § 101 ). The fresh societas taken to a bookkeeping anywhere between their organization couples, an agency relationship between lovers in which individual people you certainly will legally join the partnership, and you will individual lover liability on partnership’s bills and you may financial obligation. […]