The Liability of Incoming Partners for Partnership Debts Is Limited

question 11

Multiple Choice

The liability of incoming partners for partnership debts is limited to:

• A)All debts of the partnership.
• B)Debts incurred since they joined the partnership.
• C)Debts for which they have given a personal guarantee.
• D)All unsecured debts.

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Definitions:

Pyramid-shaped Organization

An organizational structure that is characterized by a broad base of lower-level employees and a narrowing chain of command up to the top leadership.

Organizational Politics

Involves the use of power, influence, and strategic maneuvers within an organization to achieve personal or group goals, often at the expense of others or the organization itself.

Powerful Positions

Roles or titles within an organization or society that come with a significant amount of influence or authority.

Organizational Politics

The use of power and social networking within an organization to achieve changes that benefit the individual or group.