Michigan Laws 449.15 – Partners; joint and severable liability
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(Nature of partner’s liability). Except as otherwise provided by section 46, all partners are liable for both of the following:
(a) Jointly and severally for everything chargeable to the partnership under section 13 and 14.
Terms Used In Michigan Laws 449.15
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(b) Jointly for all other debts and obligations of the partnership. However, a partner may enter into a separate obligation to perform a partnership contract.