TITLE IX – OF PARTNERSHIP
CHAPTER I – GENERAL DISPOSITIONS
Art. 1. The contract of partnership is that by which two or more persons agree to put something in common, with a view to divide the benefit which they expect from the same.
Art. 2. This contract is regulated by natural right and by the agreement of the parties.
It is formed by consent alone.
It is both synalagmatick and commutative.
Art. 3. It is of the essence of said contract;
1st. That every partner should bring or bind himself to bring into the partnership something which is susceptible of being valued, whether it be money or any other kind of goods, or his industry;
2dly. That the partnership be entered into for the common interest of the parties;
3dly. That the parties have it in contemplation to make a benefit which they intend to divide amongst themselves in proportion to what they brought into the partnership;
4thly. That the object of the partnership be lawful and that the benefit which is expected from the same, be not unreasonable or dishonest.
Art. 4. This contract may be entered into by all parties capable of contracting, as it is required in the title of contracts and conventional obligations in general; nevertheless minors being considered as of age for what related to the trade they are engaged in, may enter into a partnership respecting said trade and are not allowed restitution in that respect under the plea of minority.
Art. 5. A partnership may be contracted either verbally or in writing, and the proof of it is made as it is regulated under the title of contracts or conventional obligations in general.
CHAPTER II – OF THE VARIOUS KINDS OF PARTNERSHIPS
Art. 6. Partnerships are either universal or particular.
Art. 7. Universal partnerships are of two kinds; the partnership of all present goods and estate and the universal partnership of profits.
Art. 8. The partnership of all present goods and estate is that by which the parties put in common, all the estate both moveable and immoveable which they now possess and the profits which they may make from the same.
They may likewise include in it every other species of profits: but the estate which may afterwards devolve upon them by succession, donation or legacies, do not enter into this partnership but for the enjoyment only.— Every stipulation the end of which is to include the property of such species of effects into the contract of partnership, is prohibited.
Art. 9. The universal partnership of profits includes every thing which the parties may acquire by their industry, under whatever title it may be, as long as the partnership lasts. The moveable estate which every one of the partners poesessed at the time of the contract is included in it, in full property, and the immoveables for the enjoyment only.
Art. 10. A simple agreement of universal partnership entered into without any other explanation, carries with it nothing but the universal partnership of profits.
Art. 11. Universal partnership can only take place between persons respectively capable of conveying to each other or of receiving from each other, and who are not prohibited from favoring each other to the injury of other persons.
Art. 12. The particular partnership is that which relates to certain specified things, to their use or to the benefit to be derived from the same.
Art. 13. The contract by which several persons associate together either for a specified undertaking or for the exercise of some trade or profession is likewise a particular partnership.
Art. 14. There are three kinds of commercial partnerships established by ancient laws and usages of this territory, to wit:
Art. 15. Ordinary partnership is that which is entered nto by two or more persons respecting a commerce whatever, to carry on the said commerce in common in the name of all the partners.
Art. 16. This partnership consists of what every one of the partners has put in the common stock, and of what is acquired in the name of the partnership.
Art. 17. Corporate partnership is that which one of the contracting parties carries on alone and in his own name, the commerce for which the other contributes only a certain sum which belongs to the partnership under the condition of a certain share in the benefits or losses, without however his being liable to be answerable for losses beyond the amount brought by him into the partnership.
Art. 18. Special partnership is that by which two or more persons do agree to be partners in a certain speculation to be made by one of the partners in his own name simply.