Masters v. Lauder

Citations

• 131 Pa. 195
• 18 A. 872
• 1890 Pa. LEXIS 1097

Syllabus

<p>1. Where the capital of a proposed limited partnership association has been paid into the hands of its treasurer, as required by the terms of its statement, the withdrawal of a small sum from the bank where deposited, prior to final organization, will not render the organization invalid.</p> <p>2. Such an association having once been organized, and its capital so paid in, its members cannot be held liable as general partners, because a portion of the capital is subsequently applied in carrying out a bad bargain in the purchase of property connected with the partnership business.</p>