Idaho Code 53-403 – Sharing Profits and Losses
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 53-403
- 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.
A member of a mining partnership shares in the profits and losses thereof in the proportion which the interest or share he owns in the mine, bears to the whole partnership capital or whole number of shares.