§ 7-60-115 — Nature of partner's liability

(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) (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.

Legislative History

Source: L. 31: p. 652, � 15. CSA: C. 123, � 15. CRS 53: � 104-1-15. C.R.S. 1963: � 104-1-15. L. 73: p. 1082, � 1. L. 95: Entire section amended, p. 778, � 3, effective May 24. L. 2004: (2) amended, p. 1423, � 77, effective July 1.