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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.


Definitions:

Abbreviation

A shortened form of a word or phrase used to save space or avoid repetition in documents.

Pipe Series

A classification system for the dimensions, pressures, and temperatures of pipes and fittings used in plumbing and fluid transfer applications.

Fitments

Accessories or components that are designed to fit or be attached to a particular device, machine, or part of a building.

Orthographic

A method of projection in which a three-dimensional object is represented by several two-dimensional planes in technical drawing.

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