South Carolina Code 33-41-980. Satisfying certain liability of partner
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The liability of a partner under item (2) of § 33-41-970 shall be satisfied out of partnership assets alone when such partner had been prior to the dissolution:
(1) Unknown as a partner to the person with whom the contract is made; and
Terms Used In South Carolina Code 33-41-980
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) So far unknown and inactive in partnership affairs that the business reputation of the partnership could not be said to have been in any degree due to his connection with it.