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Q: How can I limit my liability as a partner?
A: In general partnerships a partner's liability is joint and several. That means that he or she is liable individually for all the debts and liabilities of the firm irrespective of…
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Glossary

Term	Description
Mediation	This is a process which is part of Alternative Dispute Resolution (ADR). It can be time-consuming and expensive to litigate through the courts so many commercial agreements, including partnership agreements, have mediation clauses in them. Arbitration is a specific process involving an arbitrator who makes a decision under the Arbitration act 1996. Mediation is a process where a trained mediator helps the parties reach a decision themselves. Mediation is encouraged by the courts.
Member	In a Limited Liability Partnership (LLP) there are Members rather than Partners.

Term

Description

Mediation

This is a process which is part of Alternative Dispute Resolution (ADR). It can be time-consuming and expensive to litigate through the courts so many commercial agreements, including partnership agreements, have mediation clauses in them. Arbitration is a specific process involving an arbitrator who makes a decision under the Arbitration act 1996. Mediation is a process where a trained mediator helps the parties reach a decision themselves. Mediation is encouraged by the courts.

Member

In a Limited Liability Partnership (LLP) there are Members rather than Partners.