(1) Any liability created in the course of dealings of a limited liability partnership firm or by exercising the authority granted to a partner shall be deemed to be the liability of the partnership firm.
(2) Notwithstanding anything written in sub-section (1), the liability of the partnership firm shall not be created in relation to the following transactions carried out by the partners.
(a) Transactions not authorized by such partner,
(b) Transactions in which the person with whom the transaction has been conducted has knowledge that such partner is not authorized to conduct such transaction or has knowledge that such person is not a partner or has reason to know.
(3) The liability under sub-section (1) shall be met from the assets of the limited liability partnership firm.