Explain the Legal Relationship
Explain the Legal Relationship between Partners and its liability?
Expert
Partners have both obligations and rights pursuant to either statutes and/or a partnership agreement.
A partner is personally liable for:
1. Debts and obligations of the partnership incurred while he or she is a partner;
2. Negligence and other torts perpetrated by any of the partners acting in the ordinary course of the partnership business; and
3. Misapplication of trust funds placed in the care of the partnership.
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