The New Business Arithmetic a Treatise On Commercial Calculations
The New Business Arithmetic a Treatise On Commercial Calculations
James a Lyons
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Net Loss of a firm is the excess of total losses over total gains. The Gain is found by subtracting the investment from the net worth at closing. The loss is found by subtracting the net worth at closing from the investment. Gains and losses are divided between the partners according to agree- ment, but in the absence of any express agreement, it is understood that the partners are to share equally in gains or losses. Partnerships are General, and Special or Limited. 470. A General Partnership ...is one in which each partner is liable for the debts of the firm to the full extent of, not only his interest in the business, but his private property also. 471. A Special or Limited Partnership is one having one or more general partners and one or more special partners. Each special partner is liable for the debts of the firm only to the ex- tent of his investment, and his private property cannot be taken to pay firm debts. The laws relative to special or limited partnerships in most states re- quire : 1.
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