Personal Liability in General and Limited Partnerships

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A partnership is a business that is co-owned by two or more parties and is not distinct from its owners. The main feature of a partnership that distinguishes it from a limited liability company or corporation is that the partners are personally liable for the debts and obligations of the business. In this respect, it is most closely aligned with a sole proprietorship, in which the sole proprietor is the beneficiary of all the profits and is also exposed to all liabilities incurred by the company. A partnership, however, can be structured as a limited partnership to avoid collective liability by all partners in the enterprise. Below is an overview of the liability implications in each partnership structure and how they affect the operation of the business.

In a general partnership, each individual partner bears unlimited personal liability for the collective debts of the business. Thus, if a debt is not satisfied, a creditor may sue and attempt to seize the personal assets of any of the partners regardless of which partner may be culpable for the default. Many states contain laws that make partners severally liable; thus, if the partner responsible for the faulty business decision does not have the assets to satisfy the judgment, the damages can be paid from the assets of his fellow partner. Similarly, any one partner can legally bind his fellow partners to a contractual obligation and each partner would assume responsibility for the obligations under the contract. A partner may subsequently bring legal action against a fellow partner for the debt incurred, especially if the transaction was excessively risky or not advisable.

In a limited partnership, not all partners have the same degree of personal liability for business debts. A limited partnership is structured such that the liability of one of more of the partners is limited. This kind of partnership structure must contain at least one general partner and one limited partner, with the former retaining management and decision-making authority in the partnership. While the general partner has unlimited personal liability, the limited partner has liability for partnership debts commensurate with the percentage of his investment in the business. However, this distinction is not absolute; if the limited partner assumes an active part in the operation of the business, his liability exposure will reflect his evolving role.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Personal Liability in General and Limited Partnerships

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