Series 22: 1.1.3.2.2.4. Liability And Indemnification

 1.1.3.2.2.4.  Liability and Indemnification

The liability of all general partners is both joint and several, meaning that each general partner is personally liable for all the debts and obligations of the partnership. Joint and several liability means that every general partner will be held responsible for the fraudulent actions of a single partner.

A general partner is only responsible for the debts incurred by the partnership from the time it joined the partnership. Once a general partner leaves, it no longer has liability for the partnership unless two things occur. First, t