Liabilities of Partners

1. Joint Liability:

All the partners are severally and jointly liable for all debts of the firm. The personal property as well as business property can be used to compensate the creditors Liabilities of Partners

2.Liable for Fraud:

If any partner commits any fraud then he will be liable to compensate the loss suffered by the business due to his fraud

3. Liability of Insolvent Partner:

The firm is not liable for any transaction of insolvent partner after the date on which the order of insolvency by court is issued

4. Liability of Incoming Partner:

An incoming partner is liable for all acts of the firm done after he becomes a partner. But he is not liable for any obligation of the firm before his date of admission

5.Liability of Retired Partner:

A retired or expelled partner will not be liable for any act of the firm after his retirement. But retired or expelled partner will be liable to third parties for all acts of the firm until he serves public notice of retirement or expulsion

6. The Property of the deceased Partner:

The property of the deceased partner is not liable for any Dfa ho obligation of the firm incurred after his death.

7. Liability of Losses:

In the absence of any agreement the amount of losses will be sustained by each partner equally