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Partnership | |
General and Limited Liability Partnerships | |
Section 12 | Nature of partner's liability. |
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48-1-12 (Repealed 07/01/12). Nature of partner's liability. (1) Except as provided in Subsection (2), all partners are liable: (a) jointly and severally for everything chargeable to the partnership under Sections 48-1-10 and 48-1-11. (b) jointly for all other debts and obligations of the partnership, except a partner may enter into a separate obligation to perform a partnership contract. (2) (a) A partner in a limited liability partnership is not liable, directly or indirectly, including by way of indemnification, contribution or otherwise, for a debt, obligation, or liability chargeable to the partnership arising from negligence, wrongful acts, or misconduct committed while the partnership is registered as a limited liability partnership and in the course of the partnership business by another partner, or an employee, agent, or representative of the limited liability partnership. (b) Notwithstanding Subsection (2)(a), a partner in a limited liability partnership is liable for his own negligence, wrongful acts, or misconduct.
Amended by Chapter 61, 1994 General Session |
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