TITLE XI. PARTNERSHIP. CHAPTER I. Partnership in general. III. Special Partnership. CHAPTER I. PARTNERSHIP IN GENERAL. ARTICLE I. Partnership, what, and how formed. III. Mutual obligations of partners. ARTICLE I. PARTNERSHIP, WHAT, AND HOW FORMED. SECTION 1029. Partnership defined. 1030. Formation of partnership. defined. § 1029. The contract of partnership is an agreement be- Partnership tween two or more persons to divide between them the profits and losses of any business' in which a single person may lawfully engage. 1 Reynolds v. Cleveland, 4 Cow., 282; Porter v. McClure, of partner § 1030. Partnership can be formed only by the consent Formation of all the parties thereto, and therefore no new partners ship. can be admitted without the consent of every member of the firm. Story on Partn., § 5. Partnership property, defined. Partner's interest in ARTICLE II. PARTNERSHIP PROPERTY, AND INTERESTS OF THE PARTNERS SECTION 1031. Partnership property, defined. 1032. Partner's interest in partnership property. 1033. Partner's share in profits and losses. 1034. Partner may require application of partnership property to payment of debts. 1035. Real property of partnership. § 1031. The partnership property consists of all that is contributed to the common stock at the formation of the partnership, and of all that is subsequently acquired by the partnership. Code Napoleon, art. 1839. § 1032. The interest of each partner extends to every partnership portion of the partnership property. property. Partner's share in losses. Sto. on Part., § 16; 2 Blacks. Com., 182. § 1033. In the absence of any agreement on the subject, profits and the shares of the partners in the profit or loss of the business are equal,' and each partner's share of the property of the firm is the value of his original contribution, increased or diminished by his share of profit or loss. Partner may require 1 Gould v. Gould, 6 Wend., 263; Robinson v. Anderson, 7 De G., M. & G., 239; 20 Beav., 98.. The cases upon this point are not clear, but the rule here stated appears to be just. §1034. Each partner may require the partnership proapplication perty to be applied to the discharge of the partnership debts, and has a lien upon the shares of the other partners for this purpose. of partner ship prop erty to payment of debts. Real property of Skip v. Harwood, 2 Swanst., 586; West v. Skip, 1 § 1035. The real property of the partnership is held by partnership the same title, and governed by the same rules, as personal property, except as to transfers thereof. ARTICLE III. MUTUAL OBLIGATIONS OF PARTNERS. SECTION 1036. Partners trustees for each other. 1037. Good faith to be observed between partners. § 1036. The relations of partners are confidential. They are trustees for each other, within the meaning of chapter I of the title on TRUSTS. Their obligations, as such trustees, are defined by that chapter. Partners each other. trustees for Good faith to be ob tween partners. § 1037. In the formation' and conduct' of the partnership, and in all proceedings connected with its dissolution served be and liquidation,' every partner is bound to act in the highest good faith' toward his co-partners. He may not obtain any advantage over them in the partnership affairs by the slighest misrepresentation, concealment, threat, or adverse pressure of any kind.' 1 Hichens v. Congreve, 1 R. & Myl., 150; Fawcett v. Code Justin., IV., 37, 3; Burton v. Wookey, 6 Madd., Blisset v. Daniel, 10 Hare, 493, 522, 536; Perens v. § 1038. Each partner must account to the partnership for everything that he receives on account thereof, and is entitled to receive from it everything that he properly expends for the benefit thereof, and to be indemnified for all losses and risks which he necessarily incurs on its behalf. Pothier on Partnership, 127–130; Croxton's case, 5 De G. & Sm., 432; Sedgwick's case, 2 Jur. (N. S.), 949; Mutual lapartners to bility of account. § 1039. In the absence of an agreement on the subject, no partner is entitled to any compensation for services rendered by him to the partnership. Coursen v. Hamlin, 2 Duer, 513; Caldwell v. Lieber, 7 ARTICLE IV. RENUNCIATION OF PARTNERSHIP. SECTION 1040. Renunciation of future profits exonerates from future liability. 1041. Effect of renunciation. § 1040. A partner may exonerate himself from all future liability to a third person on account of the partnership, by renouncing, in good faith, all participation in its future profits, and giving notice thereof to such third person, and to his own co-partners. § 1041. After such renunciation, the renouncing partner cannot claim any profits of the partnership, and his copartners may proceed, as with his consent, to dissolve the partnership. CHAPTER II. OF GENERAL PARTNERSHIP. ARTICLE I. What is a general partnership. V. Termination of partnership. VI. Of the use of fictitious names. General partner ARTICLE I. WHAT IS A GENERAL PARTNERSHIP. SECTION 1042. General partnership, what. § 1042. Every partnership that is not formed in accord ship, what. ance with the law concerning special partnership, is a general partnership. ARTICLE II. POWERS AND AUTHORITY OF PARTNERS. SECTION 1043. Power of majority of partner. 1044. Authority of individual partner. § 1043. Unless otherwise expressly stipulated, the deci. sion of the majority of the partners binds the partnership in the conduct of its business. Such decision is binding in the due course of the business, G., 389; Simpson v. Denison, 10 Hare, 51; Const v. Power of partners. majority of of individ 1044. Each partner is a general agent for the partner Authority ship in the transaction of its business, and has authority, ual partner. in the absence of any contrary agreement, to do whatever is necessary to carry on such business in the ordinary manner. See Brettel v. Williams, 4 Exch., 630; Dickinson v. Val- ment of § 1045. An assignment of the whole of the partnership Assignproperty, in trust for the benefit of creditors, can only be made with the consent of all the partners who can be consulted. Pettee v. Orser, 6 Bosun., 123; Wetter v. Schlieper, 4 partnership property, |