Legal Question in Business Law in New Mexico

Re: Partnerships

There are entirely too many to go into here. The ones most are concerned with are:

1. The act of one partner binds the other, whether or not the other agrees;

2. Liability incurred by one partner binds the firm and the other partner regardless of whether anyone other than the one partner knew or approved of the actions;

3. Debts incurred by the partnership are debts of the partners which may be satisfied from their personal assets if necessary.

You may call if you wish to discuss partnership legal issues further. 1.800.858.3636