General Partner - Liability of Partners, Business Law and Ethics

General Partner - Liability of Partners

The General partner's liability extends for the whole of the debts to the partnership. Thus he is jointly with the other partners. Conversely this reason a creditor can pursue there one of two courses.

1) He can proceed against the partners jointly like i.e. in the firm name. But whereas he obtains judgement against the firm so thus the debt must be satisfied out of the assets of the firm. Well moreover, the assets of the firm are insufficient such like the creditor can look to the private assets of the partners in such order to satisfy his debt.

2) The creditor can proceed against various individual partner. But where he obtains judgement against a certain partner as well like this judgement cannot be satisfied out of the private property of such partner like, the creditor cannot proceed against the remaining partners there.

3) However the creditor must pursue either the other or one course. Else whether he pursues the second course express above like the partner against that whom the judgement is obtained so will be liable for pay the full amount. However he has a right to recognised upon the other partners, conversely to contribute the shares such they should bear there.

Posted Date: 1/30/2013 7:26:59 AM | Location : United States







Related Discussions:- General Partner - Liability of Partners, Assignment Help, Ask Question on General Partner - Liability of Partners, Get Answer, Expert's Help, General Partner - Liability of Partners Discussions

Write discussion on General Partner - Liability of Partners
Your posts are moderated
Related Questions
do u have this book (richard t degeorge business ethics)

Question 1: Taking the case of Mauritius, in the machinery of government, the Procurement Policy Officer is the central organ of the Government that regulates the procurement

England Judicial System Moreover the current England judicial system is prearranged in the form of a pyramid, along with the Court of Appeal at the apex there the High Court i

Question 1: Local Government is generally seen as a system of getting various services run for the local community. What, in your view, are the other distinctive benefits t

Question 1: (a) Define the term "Multimodal transport". (b) State the advantages of multimodal transport for forwarders. (c) Describe the different forms of multimodal trans

What is Recessionary Bias To illustrate the possibility of recessionary bias we assume that both countries have two policy objectives but only one policy instrument. The policy

Explain the second theory of international antitrust cooperation A second theory of international antitrust cooperation is a more limited multilateral approach under which only

State Article 9 of air and outer space law Article 9 states that each contracting State may, for reasons of military necessity or public safety, restrict or prohibit uniformly

What is the composition of the legislature Given the composition of the legislature, the strategic voting, the possibility under which the policies and their economic outcomes

Information in Agenda Setting What information, how and when reaches to voters to proposal, is also a detrimental factor in policy process. The degree to which information is c