Answer the following: a. Does a new partner in a firm have unlimited liability for debts existing when he joined the firm? b. What should a prospective partner do to avoid unreasonable liability? Explain
a. No. Only his capital contributions are subject to the debts.
b. A prospective partner should be aware of the partnership's current financial status, particularly liabilities and outstanding contracts.
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Health insurance policies generally require the insured to pay up to a certain amount each year before the insurer's payment obligation begins. This specific amount, which is a set amount established by federal law, is known as the deductible.
Answer the following statement true (T) or false (F)
General Motors offers Chevrolet, GMC, Buick, and Cadillac as product categories. The extent to which a company offers different product categories refers to its
A. product-mix consistency. B. product depth. C. product width. D. product line.
________ are electronic marketplaces where buying and selling firms meet to do business, without protracted contract negotiations
Fill in the blanks with correct word
Reporting the details of notes is consistent with which accounting principle that requires financial statements (including footnotes) to report all relevant information?
A. Full disclosure. B. Expense recognition (matching). C. Evaluation. D. Relevance. E. Materiality.