Describe the liability situation of a newly admitted partner to a general partnership.
What will be an ideal response?
A new partner to a general partnership is not personally liable for any partnership obligations incurred before the person's admission as a partner. However, the new partner is liable for the existing debts and obligations, the antecedent debts, of the partnership up to the extent of the new partner's capital contribution. The incoming partner is personally liable for debts and obligations incurred by the general partnership after becoming a partner.
You might also like to view...
American negotiators and Asian negotiations move through the phases of negotiation differently. Describe the difference.
What will be an ideal response?
The authorization message and transmittal message are required report prelimi-naries
Indicate whether the statement is true or false
The covered interest rate parity, uncovered interest rate parity, and purchasing power parity, together with the Fisher hypothesis are often referred to as the
A) determinants of expected nominal exchange rates. B) determinants of expected nominal interest rates. C) international parity conditions. D) international arbitrage conditions.
Why is the damage to the property of others also relevant for a firm?
A) It is a speculative risk. B) Since a firm needs to pay for the damage to the property of others C) Due to the complex supply chains upon which firms rely D) It is not relevant at all.