History of Dharmashastra (Ancient and Mediaeval Religious and Civil Law in India) v4.c63.729.1

v4.c63.729.1

Where traders or others (like actors, musicians or artisans) carry on a business jointly it is termed a partnership (Nār. VI. 1 and Kāt. 624).⁸⁰² Bṛ. (SBE vol. 33 p. 336 verses 1–2) says that a man should carry on a joint business with other persons of good family, that are clever, active, intelligent (or educated), familiar with coins, skilled in (controlling) expenditure and income, honest and valiant (or enterprising) and that joint undertakings like trade should not be carried on by prudent men with persons (partners) who are weak or lazy or afflicted with disease or are unlucky or destitute (of money).⁸⁰³ The meaning is not that all the above qualities must exist in all partners, but that according to the nature of the undertaking some of these qualities will be absolutely necessary. Nār. VI. 2–3, Yāj. II. 259, Bṛ. (SBE vol. 33 pp. 336-337 verses 3 and 4) prescribe that the expenses, loss, profit or work of those who jointly lend gold, grain or liquids shall be according to the capital put in by each.⁸⁰⁴ The duty of each is to act honestly towards the others, whether they are present or absent, in sales or purchases of various commodities.⁸⁰⁵ Bṛ. (SBE vol. 33 p. 337 verses 5-7) provides that whatever⁸⁰⁶ property one partner may give (or transfer), being authorised to do so by the rest, or whatever document (or transaction) he may cause to be executed, all that is to be deemed as done by all partners;