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.

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Answered on 4/14/21, 1:11 pm

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