Chapter 15 Partnerships

1 The partnership as business form................................ 318

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2 The legal nature of a partnership.................. ............... 319

2.1 Litigation............................................................. 320
2.2 Sequestration...................................................... 320
3 Partnership contract ... ........ .... ........ ........ .... ............ .... 321
3.1 General principles............................... ................. 321
4 The essentialia of the partnership agreement............... 323
4.1 Contribution........................................................ 325
4.2 Profit as object.................................................... 326
4.3 Business to be carried on for joint benefit............. 326
5 The naturalia of the partnership agreement . ... .... .. .. ..... 328
5.1 The proportion in which profit is shared................ 328
5.2 The proportion in which losses are shared............. 328
5.3 Partners' power of representation......................... 329
5.4 Compensation for contribution.............................. 329
5.5 The partnership fund and co-ownership. ............... 329
6 Statutory provisions... ................... .............................. 332
7 Types of partnerships . .... ... .... .... .... .... .... .... .... .... .. .... ... 333
7.1 Universal partnerships......................................... 333
7.2 Extraordinary partnerships................................... 334
8 Internal relations.......................... .............................. 336
8.1 Rights and duties of partners.............................. 336
8.2 Good faith .. ........ .... .... ... . .... .... ... ........ .... ......... ... 336
8.3 Duties in terms of a partnership agreement......... 337
8.4 Promotion of the interests of the partnership....... 337
8.5 Disclosure ... ........ .... .... ... . .... .... .... ..... .. . ......... .. ... 338
8.6 Contribution ... .... .... .... ... . .... ... .... ........ .... ......... ... 338
8.7 Sharing of profits and losses............................... 339
8.8 Compensation.................................................... 339
8.9 Use of partnership assets................................... 339
8.10 Division of partnership assets.............. ............... 340
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