§ 7-12-26 - Nature of partner's liability.
SECTION 7-12-26
§ 7-12-26 Nature of partner's liability.– (a) All partners are liable, except as provided in subsection (b):
(1) Jointly and severally for everything chargeable to thepartnership under §§ 7-12-24 and 7-12-25.
(2) Jointly for all other debts and obligations of thepartnership; but any partner may enter into a separate obligation to perform apartnership contract.
(b) Subject to subsection (c), a partner in a registeredlimited liability partnership is not liable directly or indirectly (includingby way of indemnification, contribution, assessment or otherwise) for debts,obligations, and liabilities of or chargeable to the partnership whether intort, contract or otherwise, arising while the partnership is a registeredlimited liability partnership.
(c) Subsection (b) does not affect the individual liabilityof a partner in a registered limited liability partnership for his or her ownnegligence, wrongful acts or misconduct, or that of any person under thatpartner's direct supervision and control other than in an administrativecapacity.
(d) A partner in a registered limited liability partnershipis not a proper party in his or her individual capacity to a proceeding by oragainst a registered limited liability partnership, the object of which is torecover damages or enforce the obligations of the registered limited liabilitypartnership, unless the partner is personally liable under subsection (c).
(e) Notwithstanding any other provisions of this section, thepersonal liability of a partner in a limited liability partnership engaged inthe rendering of professional services is not less than or greater than thepersonal liability of a shareholder of a professional corporation organizedunder chapter 5.1 of this title engaged in the rendering of the sameprofessional services.