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What Is My Personal Liability For The Business Responsibilities Of The Partnership?

My question is what is my personal liability being a business owner for the business responsibilities of the partnership?

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Partners are personally responsible for the business obligations of the partnership. Which means that when the partnership cannot afford to pay for creditors or even the business fails, the partners are individually responsible to cover the financial obligations and creditors will go after personal belongings for example accounts, automobiles, as well as properties.

Posted on Nov 24, 2015

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If you business partner bails out on you your are responsible for all the business debts
you can also be held accountable if the business goes bankrupt for all the debts
best talk with a legal representative because there is more than that as well

Posted on Nov 24, 2015

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What Type Of Business Do You Recommend For a New Business Enterprise?


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Can A Business Director Ever Be Personally Responsible For The Business Debts?


In case you are a director of a limited liability company (LLC) you are not commonly liable for business debts. This means in case your business closes you do not have to pay back the debt personally. You can be responsible for business debts if you have signed a personal guarantee. You can also be legally responsible if you have committed an offence as a director. Directors' offences are normally examined if your agency is liquidated. Directors are usually liable for their own taxes and national insurance contributions.

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Corporation-the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern.

Cooperative is a business organization owned and operated by a group of individuals for their mutual benefit.[1] Cooperatives are defined by the International Co-operative Alliance's Statement on the Co-operative Identity as autonomous associations of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through jointly-owned and democratically-controlled enterprises.

i hope this answer hits the mark.

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