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C.R.S. § 7-60-115

Nature of partner’s liability

Known as the Uniform Partnership Law

The act spans §§ 7–7 (50 sections).

(1) Except as otherwise provided in subsection (2) of this section, all partners are liable: (a) Jointly and severally for everything chargeable to the partnership under sections 7-60-113 and 7-60-114 ; (b) Jointly and severally for all other debts and obligations of the partnership, but any partner may enter into a separate obligation to perform a partnership contract. (2) Intentionally left blank —Ed. (a) Except as otherwise provided in the partnership agreement, partners in a limited liability partnership are not liable directly or indirectly, including by way of indemnification, contribution, or otherwise, under a judgment, decree, or order of a court, or in any other manner, for a debt, obligation, or liability of or chargeable to the partnership while it is a limited liability partnership; except that this subsection (2) shall not affect the liability of a partner in a limited liability partnership for such partner’s own negligence, wrongful acts, or misconduct. (b) Partners in a limited liability partnership do not become liable, directly or indirectly, for debts, obligations, or liabilities incurred while the partnership was a limited liability partnership merely because the partnership ceases to be a limited liability partnership.

Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.