Cornell and Duke are partners in Equity Lending. They decide to admit Fran to the firm as a new partner. Fran's liability for partnership debts incurred before her admission is
A)limited to her capital contribution to the firm.
B)limited to her personal assets.
C)nothing.
D)unlimited.

Question

Quizplus · Accepted Answer

Fran's liability for partnership debts incurred before her admission is limited to her capital contribution to the firm. This means she is not personally liable for any debts the partnership incurred before she became a partner.

Cornell and Duke Are Partners in Equity Lending