Are there differences between corporations and partnerships in their agency liabilities?

Question

In other words, are corporations and partnerships able to avail themselves of different defenses than each other, are they liable in different circumstances than each other, etc. Or is the general rule applicable to all business types--that principles are liable for their agents' acts if the principle controls the manner and means of the work, if the agent is within the scope of employment and is not an independent contractor?

Thanks, any help is appreciated.

Answer 1

Absolutely! In a partnership, each partner is personally liable for company issues. In other words, in a partnership, your personal assets can be taken in a lawsuit against the company. In a corporation, personal assets cannot be taken. If the corporation goes bankrupt, the only assets taken are those that belong to the corporation.