A Partner Admitted as a Partner into an Existing Partnership

question 49

True/False

A partner admitted as a partner into an existing partnership has unlimited liability for all obligations of the partnership arising before such admission.

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Definitions:

Joint Commission

An independent, not-for-profit organization that accredits and certifies healthcare organizations and programs in the United States to ensure compliance with specific standards.

Prescription

An order written by a medical practitioner authorizing a patient to be provided a medicine or treatment.

Narcotic

A class of substances that change mood or behavior and are used medicinally for pain relief but carry a high potential for abuse.

Ointment

A semi-solid preparation typically applied to the skin or mucous membranes to provide a therapeutic, protective, or cosmetic benefit.