SECTION
THREE
This is
the Law
By ROBERT E. LEE
(Fot the N. C. Bar Association)
PARTNERSHIPS
)-\ What is a partnership?
A partnership is an association
y of two or more persons to carry
on as co-owners a business for
profit.
A partnership is a contractual
relationship and may be infor
mally created. Its existence may
be proved by acts and words of
the parties. It is, however, de
sirable in most cases to have it
evidenced by a written docu
ment, known as “articles of part
nership.”
There may exist a partner
ship, with all of its legal inci
dents, without the partners them
selves realizing the fact prior to
a suit.
What is the difference be
tween a partnership and a cor
poration?
Persons wishing to engage in
business as a corporation must
obtain a charter or authorization
to do so from the state. Per
> sons wishing to engage in busi-
ness as a partnership need not
do so.
The co-owners of a partner-
BETTER LrVTKTG
-1 vl 1 \ _
North Carolina has more people living on farms
(nearly one-third of the total population) than any
other state, and is second only to Texas in the number
of farms. But, like all states, North Carolina is ex
periencing a trend toward fewer and larger farms. As
this trend increases, the remaining farms will be even
more specialized, more productive and more efficient. '
The future is bright indeed for progressive North
Carolina farmers.
Another trend noticeable in Nbrth Carolina’ is that \
towards widespread approval of the system of “legal !
control” for the sale of beer and ale. '
, ■ • -i»
UNITED STATES BREWERS FOUNDATION, INC.
m
CjEMfOtf $
- NOVEMBER 10th THROUGH NOVEMBER 19th
i ! M.lllh IM| W M ' "■ ' '. I
’ Listed Below Are Only A Few of the Items We Will Offer
i Plastic Clothes Baskets-regular $1.49 value-SPECIAL PRICE . .. SI.OO
Ladies’ Reg, 48c Full Fashion Hose—SPECIAL PRICE 3 for SI.OO •
' Regular 20 x 36 Rugs-VERY SPECIAL PRICE SI.OO
i Chocolate Single Dipped Peanuts, Delicious ONLY 48c lb.
Polyfoam Rubber Ironing Board Pad, Silicone Cover-reg. $1.39.. SI.OO 1
Complete Selection of Christmas Cards, Wrapping Supplies, Decorations, Gifts, Candies, Jewelry, Cosmetics,
f Hosiery and Many Other Bargains Throughout Our Entire Store. I
{
f. USB OUR KI , , Co 1A Cl USE OUR
LAY-WAY PLAN JV|alOne SO & lUc Otore LAY-AWAY PUS ,
L
THE CHOWAN HERALD
ship are called “partners.” The
co-owners of a corporation are
called either “stockholders” or
“shareholders.”
The shareholders of a corpora
tion are not usually liable for the
debts of, and damage judgments
against the corporation beyond
the amount of their investment.
What the shareholders have in
vested they may lose, but be
yond that they are not liable
upon fully paid shares. In a
partnership, on the other hand,
a partner stands to lose not only
what he has invested in the part
nership but everything else that
he owns. It is an important
thing for a man to enter into a
partnership with any person, un
less he has the most implicit
confidence in his integrity.
A partnership is a form of
business organization suitable
only to an association of a few
members known to each other,
perhaps bound together by ties
of friendship, who are able to
trust each other, as the rela
tionship existing between uie
parties is a fiduciary qne of
mutual power and responsibil
ity. Each individual member is
impliedly made the agent of the
firm in carrying on their joint
enterprise. All partners, have
eaual rights in the management
and conduct of the business and
outside persons are not affected
by unknown agreements between
them.
A partnership is dissolved by
the death of one of its members.
The death of a shareholder does
not dissolve the corporation.
Many people prefer partner
ships to corporations because in
the former it is unnecessary to
comply with statutory proced
ures for formation, change of
capital, change of purposes,
merger and dissolution. There
are those who believe that it is
tax-wise to operate as a part-
State Cancer Officials
Hi
JOHN R. JORDAN
John R. Jordan, popular Raleigh attorney and State Senator,
early this week was elected State President of the American Can
cer Society. North Carolina Division as the group ended its two
day meeting in Raleigh. He succeeds Dr. H. Max SchiebeL Dur
ham surgeon. Also elected was Dr. H. Fleming Muler as chairman
of the State lßoard. Dr. Fuller has served on the National Board
of Directors and Division Executive Committee and Board of Di
rectors for many years.
nership.
Corporation income is sub
jected to a double tax burden,
first to the corporation and then
to the shareholder as personal
income when distributed as divi
dends to individual sharehold
ers. Partnerships, as such, do
not pay federal income taxes and
state income taxes. Partners
are individually taxable on the
earnings distributed or distrib
utable by the partnership.
Those who conduct their busi
ness enterprises as partnerships
need the services of attorneys as
frequently as those who use the
corporate form of organization.
Since there is greater risk in
volved, the partnership probably
needs advice from attorneys
more often.
r J
County News !
By MRS. ROLAND EVANS i
The Brotherhood of Rocky
Hock Baptist Church will be in
charge of the service next Sun
day morning and Weldon Hollo
well will bring the message on
Sunday night. This being RA
focus week, the RA’s will be rec
ognized? TKe Rev. and Mrs. T.
W. Allred will attend the State
Baptist Convention.
The Royal Ambassador Con
clave was held at Ballard's
Bridge Baptist Church Monday
from 4:30 to 8:30 P. M.
A WMU study course on mis
sions was taught Wednesday
night and again tonight (Thurs
day( at the Rocky Hock Baptist
Church by Mrs. T. W. Allred.
Members of the Center Hill
WMU also attended.
Deepest sympathy is extended
to Mr. and Mrs. Spurgeon Tynch,
Jr., in the loss of their child.
Deepest sympathy is extended
to Mrs. Louis Nixon and her
family in the loss of their hus
band and father.
Misses Kathry.n Tynch. Faye
Ober and Betty Bunch of East
Carolina College. Greenville,
were home over the week-end.
Mrs. Merritt Hooper, Jr., Mr.
and Mrs. Calvin Keeter and
children, Mr. and Mrs. Claud
i Sawyer and family of Elizabeth
City and Stanford Perry of Suf
folk, Va., visited Mrs. Evans and
Mrs. Perry on Sunday. •
The Rev. Ralph Knight preach
ed at Ballard’s Bridge Baptist
Church on Sunday.
Four-H Achievement Day will
be held tonight (Thursday) at
DR. H. FLEMING FULLER
Chowan Community Building.
The Farm Bureau fish fry
was held at Chowan High School
Wednesday night.
The date of the Christmas Fes
tival has been changed from No
vember 29 to December 6 at 7:30
o’clock at the Chowan Commun
ity Building.
The Chowan Home Demon
stration ' Club met on Monday
.night at 7:30 o’clock at the home
of Mrs. C. J. Hollowell. Mrs.
Roland Evans read the devotion
from Psalm 116 and also pre
sided for the last time as presi
dent of the club. Mrs. C. J. Hoi
lowell and Mrs. H. W. Dale gave
a demonstration on window cur
KENTUCKY STRAIGHT
BOURBON WHISKEY
86 PROOF
83.95p|l 82-50
I: ©UVER ISABEL
m
i S OJLdD _ :
! Wenmotf
1 STRAJ <#£ :
1
tains. Selection and construction,
different kinds of curtains were
shown of all kinds of material.
Seven plan to attend the hus-'
band’s supper at Wards Com-1
munity Building Tuesday night,'
November 15, at 7 o’clock. The I
club members worked on place j
cards for the supper.
The Christmas Festival will be,
held December 6 with the Cho
wan Club as hostess at the Cho
wan Club House.
Mrs. Nixon gave a report of
the nominating committee for j
president of the club in which j
Mrs. C. J. Hollowell was elected. I
The outgoing president told l
the club how much she had en- (
joyed serving the club for the
past 10 years, six years as presi- j
dent and four years as secre
tary and how much she had
gained by being in the Home
Uemonstration Club.
The stoical scheme of supply- j
ing our wants by lopping off our j
desires is like cutting off our j
feet when we want shoes.
—.Jonathan Swift.
NOVEMBER 10th THROUGH NOVEMBER 19th
THESE ITEMS WILL HELP MAKE YOUR CHRISTMAS SHOPPING EASY
LADIES’ Ladies’ Lace Trim Nylon LADIES’
NYLON HOSE TRICOT SLIPS T IGII I S
Regular $2.98 Value
Regular 59c and 69c Specially Priced NOW ONLY—
Now 47c [2 For $5.00 12 For $5.00
All Ladies' Suits Reduced For Clearance!
Special Group of Ladies' All W 00l iHmSH ft ■ hHT
And Cashmere Diend Coats HBHHw 1 3 MSI
REGULAR $29.95. NOW Q~
. *&" : -•• ''wSh£*» i t ■ ■
I — ~ JSXTim Min IWXMM—WIMPMWWWO—MWiEUEL I )j(i|(ijLI J M.M.. i
I
Pontiac tailors body design to a new Wide-Track
Better balance and roadability I Control that can't be copledl
We've built more room and greater roadability into this sleek new '6l Pontiac.
There's more headroom, legroom and footroom. Doors are wider and they're
designed to open farther for greater convenience.
By trimming side overhang, we balanced more weight directly between
the wheels. The '6l Pontiac gives you greater stability. It gives you a greater
sense of control for every mile, every maneuver.
- Isn’t now the time to try the Wide-Track way to travel?
PONTIAC *ei IT'S ALL PONTIAC I
- SEE YOUR LOCAL AUTHORIZED PONTIAC DEALER I
COLONIAL MOTOR COMPANY OF EDENTON
105-109 E. Queen St Edenton, N. C.
•- Dealer’s Lie. No. IMB
115 Given Old Age
Aid During October
Mrs. J, H. McMullan, super
intendent of public welfare, re
ports that 115 persons in Cho
wan County received old age
assistance in the amount of $4,-1
397 during October. There were
also 19 aid to dependent chil
dren who received $1,161; 33
aid to permanently and totally,
disabled cases, $1,867 andl1 1
blind aid cases, $438. There was j
also one emergency assistance
case, S3O.
Other financial assistance in- 1
eluded six cases hospitalized in,
the county, $721.10, of which |
the county’s part was $701.10;
three cases hospitalized outside j
the countv, $409.80, and one |
burial, S2O. .
[
Victory Day Sunday j
At Kadesh Church!
Harvest Home Victory Day
will be observed at Kadesh •
Thursday, November 10, 1960.
Ede rton, North Carolina
A.M.E. Zion Church Sunday, No
vember 13. The pastor, the Rev.
L. A. Williams, will preach his
farewell sermon at 11 A. M.
The Rev. I. J. Williams, pas
tor of the Spring Garden Bap
tist Church ol Washington, N.
C., will preach at 3 P. M. He
VISIT ST. PAUL S BAZAAR
For Your Christmas Shopping
Tuesday, Nov. 15 - 11:394:3 )
Luncheon: Chicken Salad Plate SI.OO
SERVED 12 UNTIL 2
Dinner: Ham & Brunswick Stew $1.50
DINNER TICKETS ON SALE BY EPISCOPAL CHURCH
WOMEN—SERVED AT 6:30. FOLLOWED BY DANCING
will be accompanied by his
choir, ushers and congregation.
The Rev. F. It. LaGarde, pas
tor of Providence Baptist Church
will preach at 7 P. M., and will
be accompanied by his choir,
ushers and congregation.
TRY A HERALD CLASSIFIED
, . ..,.
THE ONLY WIDE-TRACK CAR I
Pontiac has tin widest track ot any
cat. Body width tnmtnad to ieduce
side overhaul. Mote weight bal
anced between the wheels toy
sure-looted driving stability.