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Liabilities of partnerships

This early doctrine has been called the “creed” of the company and it has been the platform to which the company has steadfastly adhered. It enabled the Metropolitan to stand out as a veritable fortress for the proper conduct of ordinary insurance.
Beside sole proprietorship, the second type is partnerships. A partnership is a business that is owned by two or more individuals who come together in a commercial endeavor to mutually profit from the joint venture. They may each have similar or different talents. Partnerships carry on business in common with a view to profit, all members in the partnerships have joint and several liability and each member can bind all member by their business decisions.
The limited partner’s liabilities are limited to the amount of investment they provide. They can contribute capital to the firm as an investment and are entitled to a return on their investments as well as a portion of the profits. However, they have no authority to transact business for the firm or bind it. They can give counsel and have the right of examination. Therefore There is no ownership of individual property, only a partnership interest in the firm.