Assuming a new partner has been approved by the existing partners, the new partner, normally, will experience the same general risks and rights of ownership as do the other existing partners.A new partner is liable for all of the obligations of a partnership that arose before their admission except:

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A new partner is liable for all obligations of the partnership that arose before their admission, but these obligations can only be paid out of the partnership assets and not the personal assets of the new partner. This is known as limited liability, which is one of the benefits of being a partner in a limited partnership. Options B, C, and D are incorrect because personal assets of the new partner and obligations of previous partners are not exempt from liability, and non-personal assets of existing partners are still subject to potential liability.

Assuming a New Partner Has Been Approved by the Existing