The Tupelo journal., 1906-06-01

~
ment-Each Member Of a Firm LA
able for All It's Debts-A Married
Woman Cannot Become Her Hus-
bands Business Partner-The Du-
ties Of a Guardian-When Com
pound Interest Is Usury - "Ne-
g~otiable'' Notes Are Transferable.
BY KATHERINE LOUISE SMITH.
A woman often enters into partner
ship with some n for the purpose of
carrying on business. Formerly this
was confined to such enterprises as
millinery stores, notion stores, and
stores Of a similar nature, where the
trade would be largely derived from
women, but to-day women have en-
tered all fields, and there are few
forms Of business she has not under
taken, either as a principal, agent or
clerk. No matter in which Of these
capacities she figures 1t is well for
her to understand some of the re-
quirements Of partnership. II she
does not herself enter into partner
OhAP Will oOA1C OhCy oAO may VIC OohCO
by husband OF friend for advice, which
she cannot give understandfngly I'M
less she knows a partners liabilities.
Or she may be obliged to settle an
estate of some one who at the time
Of his death was a partner in a firm.
When a partnership is formed, the
length of time for its duration is often
given. If not, 1t may cease any time
by mutual consent. The death of a
partner, of course, dissolves the firm.
Insolvency or gross misconduct or
some other legitimate cause may also
do so. When the partnership Is dis
solved a general notice published in
the newspaper gives warning to for
mer debtors or customers of the firm.
In the dissolution of partnership all
debts must first be paid, when the bal
ance Of the assets, II any remain, are
divided among the partners according
to their share in the firm. If there is
not sufficient money to pay the debts,
the partners must each contribute
their proportion to make up the de.
ficiency.
All persons capable of making a
valid agreement may enter into part
nership and a woman making such a
move should remember that m part
ner can be the agent of others and
sell partnership property which is
| held for sale or can indorse or can
transfer orders or checks belonging to
the firm. Also one partner can give
a note or borrow money in the name
| of the firm for partnership purposes,
and can collect and pay debts due the
firm. For this eason it is advisable
to know something of the honesty
and business capacity and good judg-
ment of a party before entering into
business with him. 1t has happened
that one partner who has been lack
ing in judgment has caused both to
suffer. The appropriation of funds
belonging to a firm by a partner is not
embezzlement and there are many rea-
| sons Of this nature why N should
| be careful before entering into the re-
latfon.
One phase of partnership should be
clearly understood and this is that
| each partner is liable for all the debts
of the firm. Cases have been where
| both partners gave security for debts,
one worthless securities as time
proved, and the other good ones. The
last suffered and the first had the sat
| isfaction of feeling that the debt was
| paid with no effort on his part. When
a clerk, salesman or ~wage-worker re-
| ceives a share Of the profits of a firm,
as in the numerous proflt-sharing
| concerns, he is not liable for the
| debts of the firm as a partner. This
is on the ground that he Is working
for wages.
Formerly a married woman could
not enter into partnership with any
one, but now the general rule is that
a woman can form a partnership
which will bind her separate estate
| but cannot join a firm Of which her
husband is a member, or enter into
partnership with her husband.
II have been appointed guardian Of
a young child. What are my duties?"
"A Maiden Aunt.
A guardian is strictly speaking a
trustee and the ward is the person for
whom the guardian is appointed. In
some cases guardians are obliged to
give bonds. You will be expected to
have charge Of your wards person and
property but cannot sell his real
estate without authority from the
proper court. If any benefit accrues
from the sale Of his property it is due
the ward and you will be held strict
" accountable for the management of
his funds, for their misuse and for
letting them remain idle. The
guardianship is a trust so personal
that it cannot be transferred. OF
course, parents are the natural guardi-
ans of their children as long as they
are minors, and where a female in
FAINT (or girl under age) marries. her
husband succeeds to the guardianship
of her person. In many states an in
FAINT over IA years of age has a right
to select her own guardian and the
guardianship usually terminates when
the ward comes of age.