- Understand the partners’ and partnership’s contract liability.
- Understand the partners’ and partnership’s tort and criminal liability.
- Describe the partners’ and partnership’s tax liability.
By express terms, the law of agency applies to partnership law. Every partner is an agent of the partnership for the purpose of its business. Consequently, the following discussion will be a review of agency law, covered in Partnerships: General Characteristics and Formation as it applies to partnerships. The Revised Uniform Partnership Act (RUPA) adds a few new wrinkles to the liability issue.