A partnership firm X has a power of attorney Mr. Y who has signed documents on behalf of the firm and cheated me.
Who is legally responsible for Mr. Y's actions:
(1) all the individual members of the partnership firm as well as the power of attorney?
(2) the firm as a legal entity?
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Partnership firm liability
Replies (1)
AS PER LAW THE PARTNERS ARE ONLY REPONSIBLE TO THE LOSS CAUSED TO OUT SIDERS BECAUSE THE UNLIMITED LIABILITY CONCEPT
IF "Y" ALSO PARTNER OF THE FIEM IF HE DOES THAT MIS APPROPRIATION OF HIS POWER THEN ALSO ALL PATNER ARE LIABLE BUT THE LOSSES WILL BE RECOVERABLE FROM Mr.Y
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