5 Guam Code Ann. § 73125
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Terms Used In 5 Guam Code Ann. § 73125
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
When any bond is required by law or regulation to be executed by any partnership for any purpose connected with the transaction of business at any customs house, the execution of such bond by any member of such partnership shall bind the other partners in like manner and to the same extent as if such other partners had personally joined in the execution, and an action or suit may be instituted on such bond against all partners as if all had executed the same.
SOURCE: GC § 47123.