A New Partner to a LLP Is Liable Only to the Amount

question 37

True/False

A new partner to a LLP is liable only to the amount of capital invested in the business.

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Definitions:

Culture of Poverty

A theory suggesting that poverty creates a distinct set of values, behaviors, and attitudes that perpetuate conditions of economic disadvantage.

Accounts Receivable Subsidiary Ledger

A book or file that contains the individual records, in alphabetical order, of amounts owed by various credit customers.

Accounts Payable Journal

A ledger that records all short-term obligations or debts a company owes to suppliers and creditors.

Sales Journal

A specialized journal used to record all of a company's sales on credit.