Partnerships can be structured in the form of a general partnership or limited partnership. In most general partnerships, each partner is fully liable for the debts, liabilities, and obligations of the partnership, as well as the other partners, in respect of the business.

In this video we discuss:

  • Tests for partnerships
  • The liability of each partner
  • Signing authority
  • The absence of officers and directors

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How we can help

If you have any specific questions about the points discussed or it's specific application, please reach out to our Banking & Finance Group or Matthijs van Gaalen.

About the series

Every now and again, a banker may encounter an unfamiliar legal entity. Even with more common entities such as corporations, partnerships, and individuals, the legal considerations may not be always top-of-mind for bankers. In this series, we'll address some of the essential legal considerations for various types of entities that participate in financing transactions.