Partnership

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Except in Louisiana where a partnership, like a corporation, is deemed a legal person, a partnership is typically deemed an association of people instead of as an entity with a different and independent existence.

A partnership can not exist beyond the lives of the individual partners.

The individual partners are taxed as individuals and are personally liable for torts and contractual responsibilities.

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Each partner is viewed as the other’s representative and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners.

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