Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-403
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-403
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(a) Except as provided in this title or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions and liabilities of a partner in a partnership.
(b) A general partner may not limit the general partner’s liability in the partnership agreement to persons other than his partners or the limited partnership.