The Several Kinds of Partnerships
There were several different types of partnership, the most important being
(1) Trade Partnerships, such as partnerships of bankers and money lenders. Neither partner was liable to account for any of his gains except in connection with the partnership business, nor to bear any but the business losses.
(2) Partnership for a Single Transaction, as where Cornelius owning three horses and Licinius owning one horse agreed to sell them as a single team and divide the proceeds. If before the sale the one horse died, the question whether Cornelius should bear three-fourths of the loss depended upon the terms of the agreement. If the partnership was only for the sale of the team, then until the sale there was no. interchange of ownership, and the loss fell wholly on Licinius. But if the agreement was to make a team of four, Cornelius having a three-fourths interest and Licinius having a onefourth interest, the loss had to be divided in proportion to their shares, unless otherwise agreed.
(3) Universal Partnership. This was a partnership in which the partners put together as common property all their property however acquired, and out of this paid all their expenses. All the prop- erty owned by each of the partners at the time of the agreement became at once, by virtue of the mere agreement, the common property of all. But property subsequently acquired by a partner did not become common property until delivered to the copartners.