On partnerships with limited liability

Abstract

If any apology, further than the importance of the subject, were required for a paper such as the present, after the very able and carefully written pamphlet of Mr. Colles, it would be found in the report of the select committee, appointed to consider the law of partnerships in these countries:?'"Your committee, considering the vast extent and importance of the proposed alteration in the law, are unwilling to proceed in such a matter without the greatest caution. They find that the best authorities are divided on the subject, and that it would require great care to devise the checks and safeguards against fraud, necessary to accompany such a general relaxation or change in the law." Having due regard, then, to the difference of opinion on this question, as to the propriety of introducing into this country the system of limited liability, as also to the danger of rash or ill-considered legislation upon any subject; bearing in mind that any radical change can only be justified by a strong case being made for its necessity, let us consider the disadvantages which the present law of partnership imposes, and the objections which present themselves to a continuance of the system.