5. Partnership - Liability of General Partners to Third-Parties Flashcards Preview

MEE - Agency & Partnership > 5. Partnership - Liability of General Partners to Third-Parties > Flashcards

Flashcards in 5. Partnership - Liability of General Partners to Third-Parties Deck (5):
1

As partners are agents of the corporation, what torts and contracts is the GP liable for?

Torts within scope; authorised contracts

2

Are partners personally liable for GP debts?

Yes

3

Is an incoming partner liable for prior debts?

Not personally, but any money they pay into the partnership can be used to satisfy prior debts

4

One of which two things must happen before an outgoing partner is no longer personally liable for future debts?

1. Notice of dissociation given to creditors, OR

2. 90 days after filing Notice of Dissociation with the state

5

What is estoppel in terms of a GP?

One who represents to a third party that a GP exists will be liable as if one does