Lee v. Gilchrist

George C. Lee was a member of the copartnership of George C. Lee & Co., which conducted a merchandise brokerage business. The articles of copartnership provided for the balancing of the books of .the firm on the first day of February and the first day of August of each year. On these settlement days the profits or losses of the business were to be credited or charged to the individual partners on the basis fifty per cent to George C. Lee and twenty-five per cent to each of his two partners. In the event of the death of any partner the business was to be continued by the surviving partners…