Discuss The Legal Liability Of A Partner?


2 Answers

Ebony Nash Profile
Ebony Nash answered
Presuming you mean in terms of business; in a general partnerships, each partner is equally liable for all debts and obligations of the partnership, provided these debts and obligations were incurred while the individual was a partner. In addition to this, provided they relate to matters on which the partners, through the acts of whom the debts have arisen, were authorised to act for the partnership the way they did. In a limited partnership, the extent of each partner’s liability depends on their status as a general or limited partner. General partners are liable for all debts and obligations of the partnership, while limited partners are liable only up to the amount they have contributed to the partnership. In the case of a company limited by shares, the members of the company are liable only to the amount, if any, that has not been paid for the shares respectively held by them.

The difference in the legal liability between partners in a partnership and shareholders in a company is a consequence of the non-accord of legal personality to a partnership in contrast to a company, which once registered, becomes a distinct legal entity. Therefore, while the acts of a partnership are viewed as acts of the partners in their personal capacity, the acts of an ordinary company are acts of the company itself, and are distinguished from the acts of its members or directors.
Amanda Wells Profile
Amanda Wells answered
To get a good answer to your question you need to explain which country's legal system you are interested in. I am guessing that you mean a business partner rather than a marriage or civil partner? If you click here you can find an overview of the legal situation in the UK, but if you put 'legal liability partner' plus the country you are in, in a search engine, you should find several relevant articles.

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