Asked by Nicholas Coombs on May 16, 2024
Verified
A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission.
Obligations
Duties or commitments that individuals or organizations are legally bound to fulfill, such as contractual agreements or debt repayment.
Existing Partnership
An existing partnership refers to a business partnership that is currently in operation, implying a previously established legal agreement between two or more parties to conduct business together.
- Appreciate the rights and obligations of partnership upon the entry and exit of partners.
Verified Answer
Learning Objectives
- Appreciate the rights and obligations of partnership upon the entry and exit of partners.
Related questions
If a Partner Has Paid More Than His Share of ...
Which of the Following Statements About a Partner's Partnership Interest ...
Which of the Following Statements About a Transfer of a ...
Among Three Partners, Unless They Agree Otherwise, Unanimous Consent Is ...
Under the Revised Uniform Partnership Act Partners Owe Each Other ...