The Limited Partnership in New York, 1822-1858: Partnerships Without Kinship

• 成果类型: Article
• 署名作者: Wellesley College; Yale University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050709001077
• 发表日期: 2009
• 页码: 615-645
• 关键词: liability

摘要

In 1822 New York became the first of many common law states to authorize the formation of limited partnerships. Little is known about the effects of these statutes. This article analyzes the use of the limited partnership in nineteenth-century New York City. We find that the form was adopted by a surprising number of firms, and that limited partnerships had more capital, failed at lower rates, and had fewer members with kinship ties, compared to ordinary partnerships. The results suggest that the introduction of the limited partnership facilitated investments that would not have occurred in the absence of the form.