Meaning of Liabilities in Partnership

Liability means responsibility that an individual or group or any artificial body is faced with. It
can be a legal responsibility for something, it can be a debt in business matters. Liability can
also be defined as responsibility of a person, business or organization to pay or give up
something of value1. Partnership liability means responsibilities that a partner has in a
partnership but it may also refer to the fact that individuals can be held legally responsible for
violations that were performed by the partnership. In addition, it may refer to injuries that the
partnership caused to another individual or business entity 2. In a partnership, these liabilities
depends on the type of partnership itself, law dealing with the acts or omission of partners in a
partnership and the circumstances of conducts, that is whether one was in a course of performing
duties of a firm or was in his own other businesses outside the firm. Holding a partner legally
liable will depend on the type of partnership that is to mean general partnership or limited, or
limited liability partnership. This liability is either contractual, criminal or tortious. But
circumstance in which an act or omission has occurred together with the motive either directly or
indirectly determines on how one can be held liable, either as an individual or a firm in these
forms of liabilities as explained below;

1 https://dictionary.cambridge.org/dictionary/english/liability
2 https://www.legalmatch.com/law-library/article/partnership-liability.html