Tort Liability of Partners - Explained
No Personal Liability Protections
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Table of ContentsAre Partners personally liable for business torts?Academic Research
Are Partners personally liable for business torts?
General partners are personally liable for the torts of the partnership. Likewise, the partnership is liable for the acts of its agents, which includes any partners or employees of the business. As such, each partner is potentially personally liable for any tortious conduct by any partner or employee of the business that is done in furtherance of business operations. This is a tremendous risk for the partners and the greatest disadvantage to the general partnership entity. We discuss the concept further in the lawsuits section of Startup Legal Resources.
Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP
- Uniform Partnership Act
- Uniform Limited Partnership Act
- Partnership Agreement
- At-Will Partnerships
- Responsibilities of Partners to the Partnership
- Silent Partner
- Funding the Partnership
- How are Partners Compensated
- Splitting Equity in an Industrial Partnership
- Terminating the Partnership
- Types of Partnerships
- What are the main characteristics of a General partnership?
- Tort Liability of General Partner
- What are the main characteristics of a Joint venture?
- What are the main characteristics of a Limited partnership?
- Family Limited Partnership
- Master Limited Partnership
- What are the main characteristics of a Limited liability partnership?