LIABILITIES OF PARTNERS

2. Liability for fraud or mis-representation of partner
Every partner is bound to be liable for all wrongful acts i.e. Mis-representation or negligence or mismanagement of the other partners in running life of the partnership business.

3. Liability of insolvent Partner
The firm is not liable for any transaction for the insolvent partner after the date on which the order of insolvent by court is made. The estate of insolvent partner is not liable for any obligation of the firm after the date on which the order of insolvent is issued.

4. Liability of incoming Partner
An incoming partner is liable for all acts of the firm done after he becomes a partner. But he is not liable for any obligation of the firm before his date of admission.

5. Liability of incoming Partner
A retired or expelled partner will not be liable for any act of the firm after his retirement. But retired or expelled partner will be liable to third parties for all acts of the firm until he serves public notice of retirement or expulsion.

6. The property of the deceased Partner
The property of the deceased partner is not liable for any obligation of the firm incurred after his death.

7. Liability for the Payment of Losses
In the absence of any agreement the amount of losses will be sustained by each partner equally.
(a) Particular partnership
(b) Partnership at will
(c) Partnership for a fixed term