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Flashcards in Liability of Partners Deck (4)
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1

Liability of partners

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

2

Partner indemnification

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

3

Liability of an incoming partner

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

4

Partnership contributions

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