The articles should contain:
1. The amount to be contributed by each. 2. The nature of the business. 3. The time which the partnership is to last.
If the time is not specified, a partner may withdraw whenever he pleases.
If the profits are to be equally divided, this should be stated and provided for.
SILENT PARTNERS
When a man invests money in a business in the management of which he takes no active part, he is said to be a "silent partner."
Such a partner has a share in the gains and he is responsible as the others for the firm's liabilities.
Again, a man may not give money or time to a firm, but is willing, for business reasons, that his name shall appear as if he were in the association. In this case the man is known as a "nominal partner."
Although this man is not entitled to a share in the profits and has no money invested, yet he can be held liable for the debts and other obligations. The reason for this is very plain.