Assertion: firm's partner | /r/HasProperty | liable
Facets:
value: personally
type: MANNER
value: for its debts
type: CAUSE
value: for obligations
type: CAUSE
value: jointly
type: DEGREE
value: for the acts of others
type: CAUSE
value: for contract and intentional tort claims
type: CAUSE
value: for their own taxation
type: PURPOSE
value: apart from those
type: OTHER
value: except caused damages
type: OTHER
value: for all the partnership's debts
type: OTHER
Source sentences:
text: The partners, however, are jointly and severally liable for all the partnership's debts, except when only some partners' misconduct caused damages to another party — and then only if professional liability insurance is mandatory.
text: No partner is liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.
text: A close equivalent to limited liability partnerships under Polish law is the spółka partnerska, where all partners are jointly and severally liable for the partnership's debts apart from those arising from another partner's misconduct or negligence.
text: Partners receiving income and/or gains from an LLP are liable for their own taxation.
text: However, a sizable minority of states only extend such protection against negligence claims, meaning that partners in an LLP can be personally liable for contract and intentional tort claims brought against the LLP.
text: General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
text: This is a tremendous benefit and a vast improvement from old-school general partnerships where each partner was liable for the acts of others.
text: general partnership: a partnership in which all partners manage the business and are personally liable for its debts.
text: One or more people called general partners, who are liable for all debts and obligations of the firm; and