Liabilities of General Partners to Third Parties Flashcards

1
Q

The General Partnership is liable for . . .

A
  • each partner’s torts in the scope of the partnership business; and
  • each partner’s authorized contracts
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2
Q

Each General Partner is PERSONALLY LIABLE for:

A
  • all debts of the partnership; and

- each co-partners torts in the scope of the partnership business

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3
Q

Incoming partner’s liability for PRE-EXISTING debts

A
  • generally NOT personally liable for prior debts of the partnership
  • BUT any money pain into the partnership by the new partner can be used by the partnership to satisfy prior debts
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4
Q

Dissociating (withdrawing) partner’s liability for SUBSEQUENT debts

A
  • RETAIN liability for future debts until ACTUAL notice of their dissociation is given to known creditors AND UNTIL publication notice is given to all potential creditors
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5
Q

General Partnership Liability by Estoppel

A

One who represents to a third party that a general partnership exists will be liable as if a general partnership exists

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