Asked by Benjamin Leonard on Jul 04, 2024
Verified
Under RUPA,a new partner just joining a partnership has no liability for past debts of the business.
Past Debts
Obligations or amounts of money owed that were incurred in the past.
RUPA
Stands for the Revised Uniform Partnership Act, governing the operation of partnerships in the United States.
- Identify the specific rules concerning new partners joining an LLP.
Verified Answer
SD
Shawna DietrickJul 10, 2024
Final Answer :
True
Explanation :
The RUPA states that a new partner has no liability for partnership obligations incurred before he became a partner.
Learning Objectives
- Identify the specific rules concerning new partners joining an LLP.
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