Whitcomb v. Converse
Massachusetts Supreme Judicial Court
Bill in equity, filed July 3, 1873, by a partner in the late firm of Converse, Whitcomb & Co. against the other partner^ James C. Converse, Walter Stanton and Edwin R. Blagden, to compel contribution to the losses incurred by the partnership.
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Bill in equity, filed July 3, 1873, by a partner in the late firm of Converse, Whitcomb & Co. against the other partner^ James C. Converse, Walter Stanton and Edwin R. Blagden, to compel contribution to the losses incurred by the partnership. The articles of partnership were as follows : “ Terms of agreement of copartnership for the transaction of' a dry-goods commission business in New York and Boston between the undersigned, to commence the second of January, 1871, and continue one year, under the firm name of Converse, Whitcomb 6 Co. “ J. C. Converse to contribute twenty-five thousand…
1Opinion of the CourtGray, C. J.
In the absence of controlling agreement, partners must bear the losses in the same proportion as the profits of the partnership, even if one contributes the whole capital, and the other nothing but his labor or services. 3 Kent Com. 28, 29, *43Whether a loss of capital is a partnership loss, to be borne by all the partners, depends upon the nature and extent of the contract of partnership.
If, as is not unfrequently the case in a partnership for a single adventure, the mere use of the capital is contributed by one part ner, and the partnership is in the profits and losses only, the capital…
2Cases cited2 opinions
- Heran v. HallCourt of Appeals of Kentucky · 1840
- Whitman v. PorterMassachusetts Supreme Judicial Court · 1871
3Cited by28 opinions
- Lowell Bar Ass'n v. LoebMassachusetts Supreme Judicial Court · 1943
- McMurtrie v. GuilerMassachusetts Supreme Judicial Court · 1903
- Moore v. RawsonMassachusetts Supreme Judicial Court · 1904
- Buie v. KennedySupreme Court of North Carolina · 1913
- Baum v. McBrideNebraska Supreme Court · 1950
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