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
On 10 March 2011 the ACCC accepted an undertaking under the Competition and Consumer Act 2010(Cth) from Patterson Cheney Pty Ltd in relation to alleged misrepresentations made by t

WINDING UP ON: "THE JUST AND EQUITABLE GROUND": Unlike the other five grounds this one is widely interpreted and it is no objection that the petition is based on facts u

Illustrate the example of the Policy Clustering Countries democratize because of political or economic pressures within their country pressures that exist simultaneously for le

Enumerate about the short-run Phillips curve Diagrammatically the short-run Phillips curve becomes flatter under coordination as opposed to no coordination. If one country expa

Extraordinary Universal Meetings: S.132(1) provides for the convening of "extraordinary" general meeting but does not define it.  Neither is the word "extraordinary" defined i

Consistent with the written Law However Islamic law is the law based on the Holy Koran and the teachings of the Prophet Mohammed as defined in his Sayings called "Hadith".

Change of Business Name:  Section 17(4) of the Registration of Business Names Act provides that if - (a)     any company is, through inadvertence or otherwise, registered un

Payment to Promoters:   A promoter has no legal right against the company he promotes. The main reason is that the company did not ask him to promote it, and because the compa

Differences between registered companies and partnerships: The basic differences between registered companies and partnerships are as follows: (a) Formation Registration

QUESTION 1 Enumerate and comment upon the number and nature of the grounds on the basis of which a citizen may challenge the decision of a public body. Illustrate your answer w