What is the liability of partners in a partnership for business debts?

In a general partnership, partners are typically subject to joint liability for the debts and obligations of the partnership. This means that each partner is individually responsible for the entire amount of the partnership's debts, which can be pursued by creditors. If the partnership cannot repay its debts, creditors can seek repayment from any one partner or from all partners collectively. This type of liability is foundational to partnerships, as it encourages accountability and shared responsibility among partners.

Limited liability, which would protect individual partners from being personally liable beyond their investment in the business, is characteristic of limited liability companies (LLCs) and corporations, but not general partnerships. Severed liability is not a recognized term in this context. Conditional liability suggests that liability depends on specific conditions being met, which does not apply to the straightforward financial obligations of a partnership. Thus, joint liability accurately reflects the legal obligations of partners in a traditional partnership setting.