Liability of Partners

Question 1

Liability of partners

Answer 1

All partners are jointly and severally liable for all obligations of the partnership

Question 2

Partner indemnification

Answer 2

Partner is entitled to indemnification by partnership for any payments he makes on its behalf

Question 3

Liability of an incoming partner

Answer 3

Not personally liable for any partnership obligation incurred before admission as a partner

Question 4

Partnership contributions

Answer 4

To extent partnership agreement does not otherwise provide, partners contribute toward the losses according to his share in the profits