American Commercial Law Series: Second Edition the Law of Partnerships, Questions, Problems and Forms, Text of Uniform Partnership, Act, and Uniform Limited Partnership Act, Vol. 2 (Classic Reprint)

Sec. 1. DEFINITION. A partnership is an association of two or more persons to carry on, as co-owners, a business for profit. !W emay obtain an adequate idea of the legal theory of a partnership by first thinking of one person owning an unincorporated business. Debts arising out of such a business are his individual debts, as much so as those incurred for his household expenses. Claims against others are his personal claims. Upon his business books, 1. Uniform Partnership A ct, Sec. 6. Han agreement is to share in profits but not in losses, there have been statements that the arrangement is not a partnership. But clearly a provision of that character, where debts are incurred in the regular way could not avail to limit liability. As between the parties their actual agreement would of course prevail at the time of settlement. If nothing is said about sharing losses it is to be implied that losses are to be shared in the same proportion that profits are to be divided. Whitcomb v. Converse, 119 Mass.
(Typographical errors above are due to OCR software and don't occur in the book.)

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