A Person Admitted into an Existing Partnership Is Personally Liable

question 26

True/False

A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission.

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Definitions:

President Obama

President Obama refers to Barack Obama, the 44th president of the United States, serving from 2009 to 2017.

Tax Cuts

Tax cuts refer to reductions in the amount of taxes imposed by a government, which can affect individual and business taxes, potentially stimulating economic growth.

Government Spending

Expenditures by the government sector on goods and services, including public services and government investment, but excluding transfer payments.

Price Index

A statistical measure that shows changes in the price level of a basket of goods and services over time, used to gauge inflation.