« Reply #3 on: Saturday 11 August 18 18:12 BST (UK) »
My late husband and I had a partnership with a third party.
It appears to me that the business in question did trade for a very long time. Partnerships are dissolved when one partner retires, or when one partner wants to strike out on his/her own and needs money to do so. At that time their accountant would have worked out the value any assets such as machinery, cars, premises, the value of the stock; how much stock had been paid for; and how much stock had not been paid for; and how much money was owed to each partner. The retiring partner would have pocketed any money due to him/her.
There could be two scenarios with the partner who wished to carry on with the business. His new partner might be a son, nephew/other relation of the original retiring partner and the business name could still be used. I had an uncle and aunt who bought a corner shop in the 1930s when the original family retired- the shop business had such a good name in the area that my relatives chose not to use their own family name above the doorway.
When a partnership dissolves the partners are personally responsible for paying all of the debts of the business and you can see in the Gazette that this is promised..
I see the partnership eventually became a Limited Liability company, which is what happens when a company prospers and the owners need to protect themselves against future events . They would have had to go before a legal actuary to swear that they would abide by the laws of the land applicable to the Limited Liability regulations of that time. The partners would then become "employees" of their own company (and not liable for company debts) and their designation would be "director", they'd have been advised by their accountant to buy X number of shares in the new LL company at a value of X (by buying shares the new directors will be held persoally responsible for settling a percentage of any company debts if the company folded at an time)..
Aberdeen: Findlay-Shirras,McCarthy: MidLothian: Mason,Telford,Darling,Cruikshanks,Bennett,Sime, Bell: Lanarks:Crum, Brown, MacKenzie,Cameron, Glen, Millar; Ross: Urray:Mackenzie: Moray: Findlay; Marshall/Marischell: Perthshire: Brown Ferguson: Wales: McCarthy, Thomas: England: Almond, Askin, Dodson, Well(es). Harrison, Maw, McCarthy, Munford, Pye, Shearing, Smith, Smythe, Speight, Strike, Wallis/Wallace, Ward, Wells;Germany: Flamme,Ehlers, Bielstein, Germer, Mohlm, Reupke