Hanks v. Baber

Citations

• 53 Ill. 292

Syllabus

<p>1. Partnership—as between partners. Where two partners, upon a settlement of their partnership affairs, ascertain and agree upon a balance due from one to the other, it becomes unnecessary to file a bill in chancery -for a statement of the partnership accounts, and an action of assumpsit will lie for the amount found to be due, as upon an account stated. But where, upon an attempted settlement between them, a mistake is made in the statement of the account, assumpsit will not lie, and the remedy is by bill in chancery for a settlement of the partnership accounts.</p> <p>2. Same—what properly included in such accounting. On the filing of a bill in chancery for the settlement of partnership accounts, the parties cannot introduce their individual accounts into the statement.</p> <p>3. Same—of compensation to a pa/rtner. The law does not allow compensation to a partner for his time, efforts and skill in the management of the partnership business, but on the contrary implies, unless otherwise provided by the partnership articles, that the members of the firm are to give their efforts and skill for the promotion of the interests of the firm.</p>