When a new partner is admitted to a preexisting partnership,the new partner has ________.
A) unlimited liability for obligations of the partnership, both for those arising before he/she joined the partnership, and those arising after joining
B) liability to the extent of his/her investment for obligations that arose before joining the partnership, and unlimited liability for those arising afterwards
C) no liability for obligations arising from before he/she joined the partnership, and limited liability for those arising afterwards
D) no liability for obligations arising from before he/she joined the partnership, and unlimited liability for those arising afterwards
Correct Answer:
Verified
Q39: Which of the following is a criterion
Q40: How long should a general partnership have
Q42: Which of the following statements is true
Q44: Upon the death of a partner,the deceased
Q45: Which of the following statements is true
Q46: _ occurs when a partner contracts personally
Q47: Which of the following statements is true
Q48: Which of the following statements is true
Q61: The change in the relationship of partners
Q78: General partners have _ for the debts
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents