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Partnership • General Partnerships
PT#002
Legal Definition
Yes.
Partners are agents of the partnership, and are therefore liable for the acts and omissions of any partner acting either (1) in the ordinary course of the partnership business, or (2) with the authority of the other partners. Further, a general partnership is liable for each partner's torts committed in the scope of the partnership business, as well as each partner's authorized contracts.
Partners are agents of the partnership, and are therefore liable for the acts and omissions of any partner acting either (1) in the ordinary course of the partnership business, or (2) with the authority of the other partners. Further, a general partnership is liable for each partner's torts committed in the scope of the partnership business, as well as each partner's authorized contracts.
Related Concepts
Can a partner transfer or share their right to manage the company?
How are existing, new, and retiring general partners liable for debts?
If a partner wishes to dissociate from a general partnership, how can the partnership avoid dissolution?
What are the consequences of a partner who dissociates in breach of the partnership agreement?
What are the most common acts of dissociation that cause dissolution?
What common general rights issues are tested on exams?
What duty is owed between general partners, and what is the remedy for breach?
What is a general partnership and how does it form?
What is liability by estoppel?
What is required for a partner to transfer ownership of specific partnership assets?
What is the priority of distribution for assets of a dissolved partnership?
What is the winding up period?
When liquidating a general partnership, how do you determine who owns what property?
