Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-806
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-806
- 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 otherwise provided in subsection (b) of this section and § 9A-306(c) of this title, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under § 9A-804 of this subtitle.
(b) A partner who, with knowledge of the dissolution, incurs a partnership liability under § 9A-804(2) of this subtitle 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.