Fact Pattern 18-1
Bryn, Cornell, and Duke are partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 18-1. Bryn, Cornell, and Duke decide to admit Giselle as a new partner in Equity Lending. Giselle's liability for partnership debts incurred before her admission is

Question

Fact Pattern 18-1
Bryn, Cornell, and Duke are partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 18-1. Bryn, Cornell, and Duke decide to admit Giselle as a new partner in Equity Lending. Giselle's liability for partnership debts incurred before her admission is​

Quizplus · Accepted Answer

Giselle's liability for partnership debts incurred before her admission is limited to her capital contribution to the firm, as this is the general rule for new partners joining an existing partnership. However, it is important to note that Giselle's liability for any debts incurred after her admission will be unlimited, as is the case for all partners in a general partnership.

Fact Pattern 18-1 Bryn, Cornell, and Duke Are Partners in Equity Lending, a Equity