Which of the following is true of the liability of an incoming partner?
A. An incoming partner is liable for the antecedent debts of the partnership.
B. An incoming partner has joint and several liability with existing partners for the antecedent debts of the partnership.
C. An incoming partner is liable for the existing 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.
Answer: C
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