50-73.96 - Partner's liability. - Virginia Statutes

§ 50-73.96. Partner's liability.

A. Except as otherwise provided in subsection B or subsection C, all partnersare liable jointly and severally for all obligations of the partnershipunless otherwise agreed by the claimant or provided by law.

B. A person admitted as a partner into an existing partnership is notpersonally liable for any partnership obligation incurred before the person'sadmission as a partner.

C. A person is not, solely by reason of being a partner, liable, directly orindirectly, including by way of indemnification, contribution, assessment orotherwise, for debts, obligations or liabilities of, or chargeable to, thepartnership, whether sounding in tort, contract or otherwise, that areincurred, created or assumed by the partnership while the partnership is aregistered limited liability partnership.

D. A person is not, solely by reason of being a partner, a proper party to aproceeding by or against a registered limited liability partnership, theobject of which is to recover damages, collect the debts or liabilities orenforce the obligations of the partnership with respect to which the partneris not liable under subsection C.

(1996, c. 292.)