When a partner contributes capital to a partnership, the partner receives an ownership percentage in all assets of the partnership, not just in the property contributed. All partners are jointly and severally liable for the obligations of the partnership. Joint and several liability means that each individual partner can be held responsible for all obligations of the partnership. A partner who pays an entire obligation can collect the other partners' pro rata share of the debt. Of course, the other partners may not be in a position to repay the partner.
Any partner can enter into a contract on behalf of the partnership.
By doing so, a partner can bind all partners in an unfavorable contract, since all partners are jointly and severally liable for the obligations of the partnership. The general partners operate the business and are personally liable for all obligations of the partnership. The limited partners do not have any control over the business, other than to determine who will manage the business. Limited partners share in the profits of the partnership but their losses are limited to the amount of their contributions to the partnership. A limited partnership is a creature of statute.