(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.
C.R.S. § 7-60-115
Nature of partner’s liability
Known as the Uniform Partnership Law
The act spans §§ 7–7 (50 sections).
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.