Admitting a Partner by Accepting Assets Is a Personal Transaction

question 51

True/False

Admitting a partner by accepting assets is a personal transaction between one or more current partners and the new partner.

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Definitions:

Duty

A moral or legal obligation; in legal terms, it often refers to the responsibility one party has to act in a certain way toward others.

Federal Register

The official journal of the federal government of the United States, where government agencies publish notices, rules, and regulations.

Proposed Rule

An official suggestion for a new regulation or amendment to existing regulations, usually published for public comment before adoption.

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