We construct an individual-level dataset of partnership contracts in late nineteenth century Rio de Janeiro to study the determinants of contract terms. We show that partners with limited liability contributed more capital and received lower draws for private expenses and lower profit shares...

We use newly-constructed individual-level data on partnership contracts in late nineteenth century Rio de Janeiro to study the determinants of contract terms. We document that partners with and without limited liability both contributed capital and received profit shares, and that both types of...