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Q. partnership firm partner laibility

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Anonymous

posted 1 year ago

Q.partnership firm partner laibility
Description
sir, need advice on partnership firm agreement, whether other partner is laible to pay loans or debt of other partner which he has taken in his personal name. plz advice

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
If it is personal loan of another partner then you have not liable to repay such loans.

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Shreyash Mohta

Experience: 2 Year(s)

Responded 1 year ago

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A. ) The scope and liability of the partnership is limited to the extent of every partners contribution and all the liability is against such partnership firm.
No partner is liable to repay the debts or loans taken by another partner of a partnership firm which is taken for personal gain.
The partners are jointly and severally liable for all loans against the partnership firm and no personal loans are required to be paid by either partner.
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