Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1881-04-28
Limited Partnerships.

| During the closing hours of the recen
session of the Legislature Senator Rich
ards bill providing for limited partner
ships became law. The Senator fo
two years has lost no opportunity il
pressing his bill to its passage. TIL
bill is regarded by many as the most i'm
pOrtant business measure which ha
passed the Legislature for years, whil
by others it is considered as THROWN.
open the way for swindling creditors
1t limits the partners to not less THAI
three nor more than twenty-five. The
can not deal in real estate or do bank
ing business.
The capital contributed shall alone bt
liable for the debts of the association
The full names of the members of the
association and the amount of capita
subscribed by each, is to be set forth
one-third payable in thirty days. and
the remainder within twelve months OF
the date of organization. This state.
ment is filed with the county recorder
1t must set forth the character of the
business. its location, and the name OF
the association, with the word Limited
added thereto, and the contemplated du-
ration, which shall not exceed twenty
years. The names of the officers, and
any amendment of said statement, shall
be made emily in like manner.
The Association is required to keep a
register of debts and Liabilities, each to
be entered within ten days after it is
made, and this register shall he open to
the inspection of all persons interested
in the business or financial standing of
the Association. during all business
hours. Neglect TO make these entries,
or false entries, makes the members of
the Association individually responsible
for the debts and liabilities contracted
during said neglect or failure, to those
damaged by such neglect or failure.
If the assets of the Association are not
sufficient to cancel any execution, or
other process in nature of execution.
either at law or in equity, then such ex-
ecution or other process may be issued
against any of the members, to the ex-
tent of the portions of their subscrip-
tions, respectively. in the capital of the
Association, not then paid up. The As
soclatlon must keep subscription book,
open to inspection by creditors and
members of the Association at all rea-
Sonable times.
The word "limited" shall be the
last word of the name of every partner
ship association formed under the pro-
visions of this act. The word Limited"
must be painted in letters easily legible |
and placed on the outside of every Office |
where the association does business. All
notices, advertisements, official publica-
ions, bills of exchange, promissory
lotes, checks, orders for money, bills of
aiding, invoices, receipts, letters and
'ther writings in the transaction of bus
ness by the association must have this
Tord ''limited" thereon. Any failure to
lse it in such cases makes the person
knowingly emitting it liable for any in
lebtedness arising therefrom.
Other sections provide, in detail, for
he execution of the law, the method of
interest from the associa-
ION, the number of meetings the assOci-
ton must hold annually, the number
I managers, how certain contracts must
e made and signed by at least two of
he managers, division of profits-not
npairing the capital .forbidding the !
IAN of its name or credit to any person
r Incorporation whatever, the winding
p, payment of debts for work or labor,
of real estate and other mi a
or matters. e
1t was passed April goth, to take eff e
9ct from and after its passage. g