13. Partnerships, in regard to their extent, are divided by writers on partnership law into universal, general, and particular, special or limited. There were two kinds of univer sal partnerships under the Roman law : one, by which the parties agreed to put in com mon all. their property, both present and future ; the other, by which they put in com mon all they might acquire, during its con tinuance, from every kind of commerce. The former they were not presumed to have entered into except by express contract : the latter they were considered to enter into n nen they contracted together a partnership without any further explanation. Pothier, Partn. nn. 29, 43. Such contracts are said to be within the scope of the common law ; but they are of very rare existence. Story, Partn. 172 ; 6 Mas.
C. C. 183. General partnerships are properly such where parties carry on all their trade and business, whatever it may be, for their joint benefit or profit, whether the capital stock be limited or not, or the contributions of the partners be equal or unequal. Cowp. 814, 816. But where the parties are engaged in one branch of trade or business only, they would be usually spoken of as engaged in a general partnership. Story, Partn. / 74.
, 14. Special partnerships, in the sense of the common law, are those which are formed for a special or particular branch of business, as contradistingnished from the general busi ness or employment of the parties, or of one of them. Cowp. 814, 816 ; Story, Partn. / 75. These seem to embrace what are called by Pothier, Partn. c. 2, a. 2, particular partner chips, under which head he includes partner ships in particular things or in one thing alone, partnerships for the exercise of a profes siou, and partnerships for commerce or trade, Pothier, Partn. nn. 54, 55, 56 ; these latter he again divides into partnerships en. nom col lectif, into which two or more traders enter to carry on in common a certain commerce in the name of all the partners ; partnerships en commandite, into which a trader enters with a private person (a person not in trade) for a trade to be carried on in the name of the trader only, and to which the other contract ing party contributes only a certain sum of wormy, which he brings into the capital of the partnership, under an agreement that he is to have a certain share of the profits, if there are any, and to bear, in the contrary event, the same share of the losses, in which, never theless, he will only be bound to the. extent of the capital he has brought into the part nership, Pothier, Partn. n. 60 ; the anony
mous or unknown partnership, which is also called eompte en participation ; this is. that by which two or more persons agree to take a share in a certain business, which shall be carried on by one or the other of them in his own name alone. Pothier, Patin. n. 61.
, 15. The above classification is of very little practical importance, except for the purpose of distinguishing cases in which per sons are partners in some trade or bminess generally, fiotn those in which they are part _ ners in some particular transaction or ad venture only. if persons who are not part. ners at all agree to share the profits and losses, or the profits, of one particular trans action or adventure, they become partners as to that transaction or adventnie, but not as' to any thing else. See 1 Esp. 20 9 C. B. 431 ; 2 Barnew. & C. 401 ; 20 BeavAolls, 98 ; 7 DeGex, M. & G. Exch. 239 ; 7 Hare, 164; 2 Younge & C. Exch. 481. .
There ie another class of partnerships, al lowed by charter in England; and by statute in most of the American states, generally called " limited partnershiPs," in which it Hi provided that there shall be one or more part. ners, called general partners, with Imre, stricted liability, and one or more, called s ecial partners, who shall be liable only to t e extent of the Capital furnished by them. ollyer, Partn. b. 1, c.'1, a. 3, / 99 et seq. ; 3 Kent, Comm. $4, These have the general characteristics of partnerships en commandite.
16. There is still another class of partner. ships, called " joint-stock companies. ' These generally embrace a large number of persons, but, except under express statute provisions, the inembera are liable to the same extent as in ordinary partnerships. Collyer, Partn. 1 1078 ; Story, Partn. / 164 ; 4 Mete. Mass. 535 ; 2 Carr. & P. 408, n. ; 1 Ves. & B. Ch. Ir. 157.
Partnerships, in regard to their duration; may be distinguished by the terms of 'part nerships at will, or unlimited, and partner ships for a term, or limited.
A partnership at will is presumed to con tinue'so long as the parties are in life and of capacity to continue it. 1 Greenleaf, Ev. / 42 ; Story. Partn. 4 271 ; 9 Humphr. Tenn. 750. A parinership for a term is presumed to continue during the term, provided the parties are in life and of legal capacity to continue it. See 7 Mo. 29 ; Collyer, Partn. 1 105. But in no case will the law.presume a partnership to exist beyond the life of the parties. 1 Swanst, Ch. 521 ; 1 Wils. Ch, 181; Story, Partn. 4 84. .