Multiple Choice
Which of the following is true of the liability of an incoming partner?
A) An incoming partner is liable for the previous debts of the partnership.
B) An incoming partner is equally liable for all existing debts of the partnership.
C) An incoming partner is liable for the debts of the partnership only to the extent of his or her capital contribution.
D) An incoming partner is not liable for the future debts of the partnership.
Correct Answer:
Verified
Correct Answer:
Verified
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