Sawyer v. First National Bank of Elizabeth City

Citations

• 114 N.C. 13

Syllabus

<p>Partnership — Community of Interest in Profits and Property-Agreement. .</p> <p>1. A partnership is constituted by an agreement which gives to the parties thereto not only a community in the profits hut also in the capital.</p> <p>2. An agreement between B. and S. set out that B. had employed K. as clerk to superintend B.’s store as long as the latter chose to employ him, S. to have half the net profits, and further declared that S. was a half owner of all the goods, moneys, accounts, notes, etc., belonging to the store: Held, that such agreement' constituted a partnership, and S., as surviving partner, is entitled to collect the firm’s bank balance.</p>