Betts v. United States

The plaintiff became a partner in the firm of Funch, Edye & Co. in September, 1916, at which time articles of co-partnership between parties in interest were executed. The firm was an old one and had conducted a profitable business for many years. Its business was that of representing foreign ship owners who had business in New York, looking after their ships’ interests, discharging the cargoes, and obtaining for them outward cargoes. It was very largely a *7personal business that required a comparatively small capital, usually invested in seats in one or more of the exchanges, in furniture and…