New South Wales Consolidated Acts

PARTNERSHIP ACT 1892 - SECT 12

12 Liability for wrongs joint and several

(1) Every partner in a firm other than an incorporated limited partnership is liable jointly with the partner's co-partners and also severally for everything for which the firm while the partner is a partner therein becomes liable under either of the two last preceding sections.

(2) Every general partner in an incorporated limited partnership is liable jointly with the other general partners in the partnership and also severally for everything for which the firm becomes liable under section 10 (3) or 11 (2) while the general partner is a general partner in the firm.

(3) Despite subsection (2), a general partner in an incorporated limited partnership is only liable for any liability of the incorporated limited partnership referred to in that subsection--

(a) to the extent the incorporated limited partnership is unable to satisfy the liability, or

(b) to a greater extent provided by the partnership agreement.