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What Are The Liabilities Of Partners?

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sana harris Profile
sana harris answered
Generally the liability of a partner is unlimited. Thus, each partner is liable not only to the extent of his share in partnership. But his personal property is also used up to clear the debts.
According to the section 13(C) of partnership Act 1932, subject contract between the partners, the liabilities of a partner are as follows:

1. Joint liabilities of partners for all debts: Every partner is liable jointly with all other partners for all acts and debts of the firm.

2. Liability of a new partner: A new partner is liable for all the acts of the firm, which are performed after he becomes a partner.

3. Liability of a retired partner: A retired partner is not responsible for any act of the firm, after the date of his retirement.

4. Liability of the deceased partner: If a partner dies and the firm suffers losses, then the property of the deceased partner can't be held liable for any payment.

5. Liability of a expelled partner: An expelled partner is not liable to suffer the looses and pay debts of the firm, which arise after his expulsion.

6. Liability of fraud: If any partner commits a fraud then partners are equally liable with him for it.

7. Liability of insolvent partner: The firm is not liable for any transaction of the insolvent partner, after the date of his insolvency is declared by the court.

8. Liability due to willful negligence: A partner is liable to make good the looses, arising due to his willful neglect ion.

9. Share in loss: In case of loss all the partners have to bear the loss equally.

10. No private use of property: A partner can't use the property of the firm or its good will for his private gains.If he does so, he is liable to surrender the profits, so earned to the firm.
Haider Imtiaz Profile
Haider Imtiaz answered
1. Severally and together liability of partner. Every partner is severally and together legally responsible for all acts of solid complete.    2. Liability for deception or parody of partners. Every partner is leap to be liable for all illegal acts i.e. Fraud parody or carelessness or misconduct of the other partners in organization life of the company business.    3. Liability of insolvent partner. The solid is not liable for any deal for the bankrupt partner following the time on which is arrange of bankrupt by courtyard is complete. The land of bankrupt partner is not liable for any compulsion of the solid after the date on which is arrange of bankrupt is issued.    4. Liability of incoming partner. An inward partner is liable for all acts of the solid complete following he becomes a partner. But he is not liable for any compulsion of the solid previous to his date of admittance.    5. Liability for retiring partner. A retired or barred partner will not be liable for any act of the solid after his departure. But retired or barred partner will be liable to third parties for all acts of the solid awaiting he serves community become aware of of departure or exclusion.    6. The property of the deceased partner. The property of the deceased partner is not liable for any compulsion of the solid incur following his bereavement.    7. Liability for the payment of losses. In the nonattendance of any accord the quantity of wounded will be continued by every partner evenly.  .

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