Nevada Revised Statutes
Chapter 87 - Partnerships
NRS 87.150 - Nature of partner’s liability.


1. Except as otherwise provided in subsection 2, all partners are liable:
(a) Jointly and severally for everything chargeable to the partnership under NRS 87.130 and 87.140.
(b) Jointly for all other debts and obligations of the partnership; but any partner may enter into a separate obligation to perform a partnership contract.
2. Subject to subsection 3, a partner in a registered limited-liability partnership is not liable directly or indirectly, by way of indemnification, contribution, assessment or otherwise, for debts, obligations or liabilities of or chargeable to the partnership, whether in contract, tort or otherwise, arising from omissions, negligence, wrongful acts, misconduct or malpractice committed while the partnership is a registered limited-liability partnership and in the course of the partnership business by another partner or an employee, agent or representative of the partnership.
3. Subsection 2 does not affect the liability of a partner in a registered limited-liability partnership for his or her own omissions, negligence, wrongful acts, misconduct or malpractice or that of any person under his or her direct supervision and control.
4. A partner in a registered limited-liability partnership is not a proper party to a proceeding by or against the registered limited-liability partnership, the object of which is to recover damages or enforce the obligations arising out of the acts, omissions, malpractice or misconduct of the type described in subsection 2 unless the partner is personally liable under subsection 3.
[15:74:1931; 1931 NCL § 5028.14]—(NRS A 1995, 1471)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 87 - Partnerships

NRS 87.001 - Definitions.

NRS 87.002 - "Business" defined.

NRS 87.007 - "State" defined.

NRS 87.010 - Short title.

NRS 87.020 - Definitions.

NRS 87.025 - Applicability.

NRS 87.030 - Interpretation of knowledge and notice.

NRS 87.040 - Rules of construction.

NRS 87.050 - Rules for cases not provided for in NRS 87.010 to 87.430, inclusive.

NRS 87.060 - Partnership defined.

NRS 87.070 - Rules for determining existence of partnership.

NRS 87.080 - Property of partnership.

NRS 87.4321 - Partnership as entity.

NRS 87.4322 - Formation of partnership.

NRS 87.4323 - Partnership property.

NRS 87.4324 - When property is partnership property.

NRS 87.090 - Partner agent of partnership; restrictions on authority.

NRS 87.100 - Conveyance of real property of partnership.

NRS 87.110 - Partnership bound by admission of partner.

NRS 87.120 - Partnership charged with knowledge of or notice to partner.

NRS 87.130 - Partnership bound by partner’s wrongful act.

NRS 87.140 - Partnership bound by partner’s breach of trust.

NRS 87.150 - Nature of partner’s liability.

NRS 87.160 - Partner by estoppel.

NRS 87.170 - Liability of incoming partner.

NRS 87.4325 - Partner agent of partnership.

NRS 87.4326 - Transfer of partnership property.

NRS 87.4327 - Statement of partnership authority.

NRS 87.4328 - Statement of denial.

NRS 87.4329 - Partnership liable for actionable conduct of partner.

NRS 87.433 - Liability of partners.

NRS 87.4331 - Actions by and against partnership and partners.

NRS 87.4332 - Liability of purported partner.

NRS 87.180 - Rules determining rights and duties of partners.

NRS 87.190 - Partnership’s books.

NRS 87.200 - Duty of partners to render information.

NRS 87.210 - Partner accountable as fiduciary.

NRS 87.220 - Right to formal account.

NRS 87.230 - Continuation of partnership beyond fixed term.

NRS 87.240 - Extent of property rights of partner.

NRS 87.250 - Nature of partner’s right in specific property of partnership.

NRS 87.260 - Nature of partner’s interest in partnership.

NRS 87.270 - Assignment of partner’s interest.

NRS 87.280 - Partner’s interest subject to charging order.

NRS 87.290 - Dissolution defined.

NRS 87.300 - Partnership not terminated by dissolution.

NRS 87.310 - Causes of dissolution.

NRS 87.320 - Dissolution by decree of court.

NRS 87.330 - General effect of dissolution on authority of partner.

NRS 87.340 - Right of partner to contribution from copartners after dissolution.

NRS 87.350 - Power of partner to bind partnership to third persons after dissolution.

NRS 87.360 - Effect of dissolution on partner’s existing liability.

NRS 87.370 - Right to wind up.

NRS 87.380 - Rights of partners to application of property of partnership.

NRS 87.390 - Rights where partnership is dissolved for fraud or misrepresentation.

NRS 87.400 - Rules for distribution.

NRS 87.410 - Liability of persons who continue business of partnership in certain cases.

NRS 87.420 - Rights of retiring or estate of deceased partner when business of partnership is continued.

NRS 87.430 - Accrual of actions.

NRS 87.4301 - Short title.

NRS 87.4302 - Definitions.

NRS 87.4303 - "Debtor in bankruptcy" defined.

NRS 87.4304 - "Distribution" defined.

NRS 87.4305 - "Partnership" defined.

NRS 87.4306 - "Partnership agreement" defined.

NRS 87.4307 - "Partnership at will" defined.

NRS 87.4308 - "Partnership interest" and "partner’s interest in the partnership" defined.

NRS 87.4309 - "Person" defined.

NRS 87.431 - "Property" defined.

NRS 87.4311 - "Registered limited-liability partnership" defined.

NRS 87.4312 - "Statement" defined.

NRS 87.4313 - "Transfer" defined.

NRS 87.4314 - Applicability.

NRS 87.4315 - Knowledge and notice.

NRS 87.4316 - Effect of partnership agreement; nonwaivable provisions.

NRS 87.4317 - Supplemental principles of law.

NRS 87.4318 - Execution, filing and recording of statements.

NRS 87.4319 - Governing law.

NRS 87.432 - Partnership subject to amendment to or repeal of NRS 87.4301 to 87.4357, inclusive.

NRS 87.4333 - Rights and duties of partner.

NRS 87.4334 - Distributions in kind.

NRS 87.4335 - Rights and duties of partner with respect to information.

NRS 87.4336 - Conduct of partner: General standards.

NRS 87.4337 - Actions by partnership and partners.

NRS 87.4338 - Continuation of partnership beyond definite term or particular undertaking.

NRS 87.4339 - Partner not co-owner of partnership property.

NRS 87.434 - Transferable interest of partner in partnership.

NRS 87.4341 - Transfer of transferable interest of partner.

NRS 87.4342 - Transferable interest of partner subject to charging order.

NRS 87.4343 - Events causing dissociation.

NRS 87.4344 - Power of partner to dissociate; wrongful dissociation.

NRS 87.4345 - Effect of dissociation.

NRS 87.4346 - Purchase of dissociated partner’s interest.

NRS 87.4347 - Power of dissociated partner to bind; liability to partnership.

NRS 87.4348 - Liability of dissociated partner to other persons.

NRS 87.4349 - Statement of dissociation.

NRS 87.435 - Continued use of partnership name.

NRS 87.4351 - Events causing dissolution and winding up of partnership business.

NRS 87.4352 - Partnership continues after dissolution.

NRS 87.4353 - Right to wind up partnership business.

NRS 87.4354 - Power of partner to bind partnership after dissolution.

NRS 87.4355 - Statement of dissolution.

NRS 87.4356 - Liability of partner to other partners after dissolution.

NRS 87.4357 - Settlement of accounts and contributions among partners.

NRS 87.440 - Filing requirements; prohibition against registration for certain illegal purposes; required and optional provisions of certificate of registration.

NRS 87.445 - Penalty for purporting to do business as registered limited-liability partnership without registration; enforcement; regulations.

NRS 87.450 - Name of partnership: Distinguishable name required; limitations; availability of name of forfeited, merged or otherwise terminated partnership; regulations.

NRS 87.455 - Name of partnership: Reinstatement or revival under old or new name; regulations.

NRS 87.460 - Amendment of certificate of registration.

NRS 87.470 - Termination of registration.

NRS 87.480 - Registered agent required.

NRS 87.490 - Change of location of principal office.

NRS 87.500 - Resignation of registered agent; termination of registration of commercial registered agent.

NRS 87.510 - Annual list: Filing requirements; fees; notice; regulations.

NRS 87.515 - List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 87.520 - Defaulting partnerships: Identification; penalty; reinstatement of partnership which is unit-owners’ association; duties of Secretary of State; revocation of registration.

NRS 87.530 - Defaulting partnerships: Conditions and procedure for reinstatement.

NRS 87.533 - Dissolution of partnership whose registration has been revoked without additional fees and penalties; regulations.

NRS 87.537 - Renewal or revival of registration: Procedure; fee; certificate as evidence; status of partnership.

NRS 87.540 - Status of partnership and liability of partners not affected by errors in certain filed information.

NRS 87.5405 - Penalty for doing business without registration; enforcement; regulations.

NRS 87.541 - Annual list: Filing requirements; fees; powers and duties of Secretary of State; regulations.

NRS 87.5413 - List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 87.5415 - Certificate of authorization to transact business.

NRS 87.542 - Addresses of managing partners required; failure to file.

NRS 87.5425 - Defaulting partnerships: Identification; forfeiture of right to transact business; penalty.

NRS 87.543 - Defaulting partnerships: Duties of Secretary of State.

NRS 87.5435 - Defaulting partnerships: Conditions and procedure for reinstatement.

NRS 87.544 - Defaulting partnerships: Reinstatement or revival under old or new name; regulations.

NRS 87.5443 - Renewal or revival of right to transact business: Procedure; fee; certificate as evidence; status of partnership.

NRS 87.5445 - Form required for filing of records.

NRS 87.545 - Procedure to submit replacement page to Secretary of State before actual filing of record.

NRS 87.547 - Correction of inaccurate or defective record filed with Secretary of State; cancellation of filings.

NRS 87.550 - Fees.

NRS 87.560 - Operation of domestic partnership in another jurisdiction; registration of foreign registered limited-liability partnership.

NRS 87.565 - Secretary of State authorized to adopt certain regulations to allow partnership to carry out powers and duties through most recent technology.