Sec. 15. (1) Except as provided in paragraph (2), all partners are liable:

(a) Jointly and severally for everything chargeable to the partnership under sections 13 and 14 of this chapter.

(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) A partner of a limited liability partnership is not personally liable, directly or indirectly, including by way of indemnification, contribution, or otherwise, for:

(a) the debts, obligations, or liabilities of, or chargeable to, the limited liability partnership or other partner or partners, whether arising in tort, contract, or otherwise; or

(b) the acts or omissions of any other partner;

solely by reason of being a partner, acting or failing to act as a partner, or participating as an employee, a consultant, a contractor, or otherwise in the conduct of the business or activities of the limited liability partnership while the partnership is a limited liability partnership.

(3) A partner of a limited liability partnership may be personally liable for the partner's own acts or omissions.

(4) A limited liability partnership is liable out of partnership assets for partnership debts, obligations, and liabilities.

(5) A partner in a limited liability partnership is not a proper party to a proceeding by or against the limited liability partnership, the object of which is to recover any debts, obligations, or liabilities of, or chargeable to, the partnership, unless the partner is personally liable under paragraph (3).

(6) The laws of Indiana or another jurisdiction may not impose personal liability on a partner in a limited liability partnership. The only actions required of a limited liability partnership or of individual partners in such a partnership in order to avail themselves of the limited liability provisions of this chapter are those required by this chapter.

Formerly: Acts 1949, c.114, s.15. As amended by P.L.34-1987, SEC.295; P.L.230-1995, SEC.4.