18 Guam Code Ann. § 25307
Terms Used In 18 Guam Code Ann. § 25307
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
COL070307
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 25 PARTNERSHIPS IN GENERAL
(a) Jointly and severally for everything chargeable to the partnership under § 25305 and § 25306.
(b) Jointly for all other debts and obligations of the partnership; but any partner may enter in a separate obligation to perform a partnership contract.
(c) A partner in a registered limited liability partnership is not liable directly or indirectly (including by way of indemnification, contribution, assessment or otherwise) for debts, obligations, and liabilities of or chargeable to the partnership, whether in tort, contract or otherwise, arising from omissions, negligence, wrongful acts, misconduct or malpractice committed while the partnership is a registered limited liability partnership and in the course of the partner- ship business by another partner, or an employee, agent, or representative of the partnership not under his direct supervision and control.
(1) This Section shall not affect the lability of a partner in a registered limited liability partnership for his own omissions, negligence, wrongful acts, misconduct, or malpractice, or that of any person under his direct supervision and control.
(2) A partner in a registered limited liability partnership is not a proper party to a proceeding by or against a registered limited liability partnership, the object of which is to recover damages arising from the acts, omissions, malpractice, or misconduct unless such partner is personally liable under item (1) of this Subsection (c)
SOURCE: CC § 2409. Amended by P.L.23-65:4.