Search results
Results from the WOW.Com Content Network
Under joint and several liability or (in the U.S.) all sums, a plaintiff (claimant) is entitled to claim an obligation incurred by any of the promisors from all of them jointly and also from each of them individually. Thus the plaintiff has more than one cause of action: if she pursues one promisor and he fails to pay the sum due, her action is ...
The owners are jointly and severally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement. It is a partnership in which partners share equally in both responsibility and liability.
Though not a corporate entity, it can sue and be sued, own property and act under the partnership's name. The partners, however, are jointly and severally liable for all the partnership's debts, except when only some partners' misconduct caused damages to another party — and then only if professional liability insurance is mandatory. Another ...
In a traditional limited partnership, the general partners are jointly and severally liable for their debts and obligations. Limited partners are not liable for those debts and obligations beyond the number of their capital contributions.
If you're married and file taxes jointly, you report all the interest earned on your joint account on your shared tax return. You don't need to worry about who earned what portion. You don't need ...
General partners may have joint liability or joint and several liability depending upon circumstances. The limited partnership (LP) is a partnership in which general partners manage the partnership's operations, and limited partners forego the right to manage the business in exchange for limited liability for the partnership debts.
In general trustees are under a duty to act jointly and have authority to act individually only if the trust instrument so provides. In principle therefore each trustee has an equal say in the management of the trust property and therefore in the event of a breach the trustees are jointly and severally liable for their actions. [1]
I know in Washington state at least, there's a variation in which defendants may only be held jointly and severally liable if the plaintiff is not at fault. If the plaintiff is partially at fault, joint and several liability does not apply. Someone who knows this area of law better than I do should add this into the "variations" section.