Societe en commendite

SOCIETE EN COMMENDITE. This term is borrowed from the laws of France, and is used in Louisiana; the societe en commendite, or partnership in commendam, is formed by a contract, by which one person or partnership agrees to furnish another person or partnership a certain amount, either in property or money, to be employed by the person or partnership to whom it is furnished, in his or their own name or firm, on condition of receiving a share in the profits, in the proportion determined by the contract, and of being liable to losses and expenses to the amount furnished and no more. Civ. Code of Lo. art. 2810; Code de Comm. 26, 33; 4 Pard. Dr. Com. n. 1027; Dall. Dict. mots Societe Commerciale, n. 166. Vide Commendam; Partnership.