486A.306 - PARTNER'S LIABILITY. - Iowa Statutes

486A.306 PARTNER'S LIABILITY. 1. Except as otherwise provided in subsections 2 and 3, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law. 2. A person admitted as a partner into an existing partnership is not personally liable for any partnership obligation incurred before the person's admission as a partner. 3. An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so acting as a partner. This subsection applies notwithstanding anything inconsistent in the partnership agreement that existed immediately before the vote required to become a limited liability partnership under section 486A.1001, subsection 2.          Section History: Recent Form 98 Acts, ch 1201, §17, 79, 82 Referred to in §486A.307, 486A.703, 486A.806, 486A.807, 486A.903, 486A.906