Does a New Partner in a Firm Have Personal Liability

question 68

Essay

Does a new partner in a firm have personal liability for debts existing when he joined the firm? What should a prospective partner do to avoid unreasonable liability?

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Definitions:

Empiricism

The theory that knowledge comes primarily from sensory experience and that scientific methods should rely on observation and experimentation.

Variable

Something in the world that can vary and that a researcher can manipulate (change), measure (evaluate), or both.

Social Psychology

The scientific study of how individuals think, feel, and behave in a social context, encompassing a broad range of topics such as attitudes, group behavior, and social perception.

Developmental Psychology

The scientific study of how and why human beings change over the course of their life.