§ 31 §1034 — Partner's liability

Maine § 31 §1034

• Jurisdiction: Maine
• Title 31: PARTNERSHIPS AND ASSOCIATIONS
• Ch. 17: UNIFORM PARTNERSHIP ACT

Text

1.
Jointly and severally liable.
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.
Not personally liable for obligation prior to admission.
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.
Obligation incurred while limited liability partnership.
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 821, subsection 2.
4.
Exceptions to limited liability of shareholders.
The exceptions under common law to a limited liability of shareholders of a business corporation organized under the Maine Business Corporation Act and shareholders of a professional corporation organized under the Maine Professional Service Corporation Act apply to the limited liability of partners in a professional limited liability partnership.
5.
Exception for certain obligations.
With regard to certain obligations incurred prior to the effective date of this chapter, the following provisions apply:

Legislative History

PL 2005, c. 543, §A2 (NEW). PL 2007, c. 231, §35 (AMD). PL 2007, c. 231, §40 (AFF).