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Flashcards in Liability of Partners Deck (4)
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Liability of partners

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


Partner indemnification

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


Liability of an incoming partner

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


Partnership contributions

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