Creditor Flashcards
1
Q
Claim against Partner
A
If creditor has a claim against a partner, the creditor can obtain interest in the partnership
* profits
* NOT management or voting rights
2
Q
Claim against partnership
A
If creditor has a claim against the partnship, the creditor can try to collect from individual partners.
* jointly and severally liable for the obligations
* bound as long as partner had apparent authority
* to go after personal assets, must obtain jugment against the partners personally
* creditors should collect from partnership before seeking personal assets
