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Green's Encyclopaedia of the Law of Scotland, Vol. 6: Firm Name to Innuendo (Classic Reprint) - Softcover
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Excerpt from Green's Encyclopaedia of the Law of Scotland, Vol. 6: Firm Name to Innuendo
Partners may carry on business under any name they may select, subject only to this, that they may not adopt as a firm name a name to which any other person or firm has an exclusive right (smith, 1888, 16 It. The firm name maybe either a name or names of an individual partner or partners, or it may be a descriptive name.
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Excerpt from Green's Encyclopaedia of the Law of Scotland, Vol. 6: Firm Name to Innuendo
Partners may carry on business under any name they may select, subject only to this, that they may not adopt as a firm name a name to which any other person or firm has an exclusive right (smith, 1888, 16 It. The firm name maybe either a name or names of an individual partner or partners, or it may be a descriptive name.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Excerpt from Green's Encyclopaedia of the Law of Scotland, Vol. 6
In Scotland, a firm is a person distinct from the partners of whom it is composed (Partnership Act, 1890, s.4 (2); Bell, Com. ii. 507), and can for must purposes act in its social name. It of course acts through a partner or some one authorised agent. Each partner, in particular, has an implied mandate to act for the firm, and bind it, so long as he acts within the scope of the firm's business. A partner can even, in certain cases, compel the concurrence of a fellow-partner. Thus, when firms with descriptive names sue, a partner of such a firm can compel the concurrence of a fellow-partner, if his name is necessary to make the instance good (Antermony Coal Co., supra).
Many consequences peculiar to the law of Scotland flow from the rule of law that a firm is a legal persona. Thus -
(1) Partners can stand in the relation of debtor or creditor to the firm of which they are partners. A firm can, for instance, be sequestrated without the individual partners being sequestrated; and, similarly, an individual partner can be sequestrated without the firm being also sequestrated.
(2) In relation to persons dealing with the firm, it, in the first instance, is the debtor or creditor, the partners being considered as cautioners for the firm. It follows that an action for a debt due by a firm cannot, in the first instance, be directed against a partner. The firm must first have failed to pay, before a partner can be sued.
(3) On the sequestration of a firm and the individual partners, the creditors of the firm rank, in the first place, for the full amount of their debts on the partnership estate; and in the event of their not being paid in full, they also rank for the balance on the estates of the partners, along with the creditors of such partners.
(4) The share of a partner can be attached by his creditors by using arrestments in the hands of the firm as a separate person.
(5) A firm can own property, and the title to it can in all cases, except in the case of feudal property, be taken in the firm name. Thus, a lease can be taken in the firm name, but property held in fee cannot. In such a case it must be held by certain individuals, such as the partners, as trustees for the firm (Dennistoun, M'Nair, & Co., M. App. Tack, No. 15; Morrison, 1818, Hume, 720).
(6) A firm can sue and be sued and use diligence, or diligence can be used against it, in the manner above described.
(7) One firm can sue another firm even although there may be one or more parties who are partners of both firms (Bell, Com. ii. 507). See Partnership.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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