Idaho Code 53-406 – Sale of Interest by Partner
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 53-406
- 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.
One of the partners in a mining partnership may convey his interest in the mine and business without dissolving the partnership. The purchaser, from the date of his purchase, becomes a member of the partnership.