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Source Partnership Dissolution Complete Business Associations List Matched to this deck.

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0 tracked cards Business Associations

A general partnership owed $90,000 to a supplier. One month later, Dana was admitted as a new partner and contributed $30,000 to the partnership. The supplier now seeks to collect the old debt from Dana's personal bank account.
Which statement is most accurate?

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The new partner becomes liable for pre-admission debts only if the debt was tort-based rather than contract-based. The new partner is personally liable only if the partnership later earns a profit. The new partner can avoid all pre-admission obligations by calling herself an employee. The new partner's liability for pre-admission obligations is generally limited so that those obligations are satisfied only from partnership property.

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