We use newly-constructed individual-level data on partnership contracts in late nineteenth century Rio de Janeiro to examine differences between limited and unlimited liability firms and partners, and to assess the impact of a major institutional reform that facilitated the formation of joint...

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...

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...