Assertion: partnership's partner | /r/HasProperty | held liable
Facets:
value: up to the amount
type: OTHER
value: personally
type: MANNER
value: for their own negligence
type: CAUSE
value: further
type: DEGREE
value: like a general partner
type: OTHER
value: financially
type: MANNER
value: in many states
type: LOCATION
value: severally
type: DEGREE
value: for the debts of the partnership
type: PURPOSE
value: for the actions
type: CAUSE
value: for debt
type: CAUSE
value: for legal obligations
type: CAUSE
value: for all company debts
type: OTHER
value: for financial promises
type: CAUSE
Source sentences:
text: As a result, a general partner will carry more liability, and if the partnership loses money, the general partner is held liable.
text: Limited partners can only be held liable up to the amount that they invested; in other words, they have limited liability.
text: Limited partnerships have at least one general partner who controls the company's day-to-day operations, exercise managerial power, contribute capital, share in the profits and are held personally liable for all company debts and legal obligations.
text: If, while in the course of business pertaining to the partnership, one of the partners engages in a wrongful act, all partners will be held liable.
text: Since there isn’t a new entity formed with a general partnership, all partners will be held liable for debt incurred during the course of the business’ operation.
text: If one partner is sued, all partners are held liable.
text: However, it's important to note that each partner is personally responsible for the business, including debts and lawsuits, and is held liable for the actions of their partner(s).
text: Limited partners can only be held liable for the debts of the partnership up to the amount that they initially invested in the business.
text: If debts are not paid to creditors, the partners may be held financially liable, even if they aren't actively conducting business.
text: This means that any partner can be held liable for financial promises made by another partner on behalf of the business.
text: Further, in many states partners are held severally liable.
text: However, a limited partner who actively manages the business or agrees to provide a personal guarantee for business loans may be held personally liable, like a general partner.
text: However, partners can be held liable for their own negligence, if they personally did something wrong, or engaged in malpractice.