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
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
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
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
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