joint and several liability

Are There Mitigating Strategies?

Yes, there are several strategies that business partners can employ to mitigate the risks of joint and several liability:
Insurance: Partners can obtain liability insurance to cover potential claims.
Indemnification Agreements: These agreements can stipulate that partners will indemnify each other for any payments made on behalf of the partnership.
Limited Liability Structures: Forming a limited liability company (LLC) or a limited partnership can limit the personal liability of partners.

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