Commentary

78.1 Liability of an individual partner where the firm is liable

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

78.1 Liability of an individual partner where the firm is liable

| Commentary

78 Liability of individual partners

78.1 Liability of an individual partner where the firm is liable

A partner in a general partnership will not only be concerned with the firm’s liability in the above circumstances, but also with his own personal liability in such cases. In relation to the debts and obligations of the firm, he will be liable jointly with the other partners, provided that those debts and obligations were incurred while he was a partner1.

A partner who retires from the partnership does not cease to be liable for partnership debts or obligations incurred before his

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