Mich. Comp. Laws § 449.15

Current through Public Act 151 of the 2024 Legislative Session

Section 449.15 - Partners; joint and severable liability

(Nature of partner's liability). Except as otherwise provided by section 46, all partners are liable for both of the following:

(a) Jointly and severally for everything chargeable to the partnership under sections 13 and 14.

(b) Jointly for all other debts and obligations of the partnership. However, a partner may enter into a separate obligation to perform a partnership contract.

MCL 449.15

1917, Act 72, Eff. 8/10/1917 ;--CL 1929, 9855 ;--CL 1948, 449.15 ;--Am. 1994, Act 323, Imd. Eff. 10/12/1994.