Liabilities to Third Parties
Examine the liability of a partnership to third parties for acts done on the basis of partners' actual or apparent authority, as well as how partnerships may limit such authority and the types of liability partnerships or individual partners may face.
Welcome back to the tutorial on partnerships! In this last clip, we looked at the rights and duties of partners to one another and the partnership. In this clip, we’ll focus on the liability of the partnership to third parties. Let’s get started.
In this clip, we’ll begin by looking at the authority of partners to bind the partnership, including actual authority and apparent authority. Next, we’ll consider how a partnership may limit a partner’s authority. We’ll also go over the types of...