Legal Question in Business Law in New York
A, B, and C are partners. A conveyed his share to D. Thereafter, the partnership incurred liabilities for the contract entered into between the partnership and X prior to the sale of A's share. Can D be liable for such obligation?
Asked on 4/14/21, 3:59 am
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
D would be liable to the same extent that A would be. That being said, one of the reasons for doing business as a partnership is to provide legal separation (or insulation) between the partnership and the partners. Generally a partner will not be responsible for the debts of a partnership, but there are many exceptions to that rule.
Good luck.
Answered on 4/14/21, 1:11 pm
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