A. Except as otherwise provided in subsection B of this section or in section 29-1026, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under section 29-1074.

Terms Used In Arizona Laws 29-1076

  • Business: includes every trade, occupation and profession. See Arizona Laws 29-1001
  • Partner: means a general partner and, for purposes of article 9 of this chapter, both a general partner and a limited partner. See Arizona Laws 29-1001
  • Partnership: means an association or entity formed under section 29-1012, a predecessor law or a comparable law of another jurisdiction. See Arizona Laws 29-1001
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

B. A partner who, with knowledge of the dissolution, incurs a partnership liability under section 29-1074, paragraph 2 by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.

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