Partnership (Societas)

A partnership in Roman law was an association of two or more persons under a contract by which they combine their property, or their labor, or their property and labor, with a view of sharing their common gains. The term does not seem tohave been defined by the Roman writers.

The Roman partnership, like the English, involved the sharing of profits and losses. In the absence of special agreement on the subject, an equal sharing of both profits and losses was understood. It might be agreed, however, that the shares should be unequal, as that one of two partners might receive two-thirds, and the other only one-third, of profits and bear losses in the same proportion, or that one partner might take two-thirds of the profits and bear only one-third of the losses, though this last point was decided only after some difference of opinion. And one partner might take a share of the profits without bearing any of the losses. Profit sharing in some proportion seems to have been essential. There could be no partnership where one of the parties was to share losses only without sharing profits. Such an arrangement was not a true partnership but was known as leonina societas

A partnership was formed by the simple consent of the parties, no special form of contract being necessary. Consent was essential, and one partner could not dispose of his interest in the partnership so as to make the transferee a partner in his place.

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Effects of Marriage with Manus

Slavery by Birth

Mandate (Mandatum)