(805 ILCS 206/306)
Sec. 306.
Partner's liability.
(a) Except as otherwise provided in subsections (b) and (c) of this Section,
all partners are
liable jointly and severally for all obligations of the partnership unless
otherwise agreed by the
claimant or provided by law.
(b) A person admitted as a partner into an existing partnership is not
personally liable for any
partnership obligation incurred before the person's admission as a partner.
(c) An obligation of a partnership incurred while the partnership is a
limited liability
partnership, whether arising in contract, tort, or otherwise, is solely the
obligation of the
partnership. A partner is not personally liable, directly or indirectly, by
way of contribution or
otherwise, for such an obligation solely by reason of being or so acting as a
partner. This
subsection applies notwithstanding anything inconsistent in the partnership
agreement that
existed immediately before the vote required to become a limited liability
partnership under
Section 1001(b) of this Act.
(Source: P.A. 92-740, eff. 1-1-03.)
|