Able and Baker Had a Partnership and in That Capacity

question 6

True/False

Able and Baker had a partnership and in that capacity incurred debt. If they convert to an LLC their old debt will be subject to the insulation from personal liability that characterizes the LLC.

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Definitions:

Arterioles

Small branches of arteries that lead into capillaries, controlling blood flow through the regulation of resistance.

Venules

Small vessels that collect blood from the capillaries and join to form veins, playing a role in returning deoxygenated blood back to the heart.

Lipid Profile Test

A blood test that measures the levels of specific lipids in the blood, including cholesterol and triglycerides, to assess heart disease risk.

Cholesterol

Cholesterol is a waxy, fat-like substance found in all cells of the body, necessary for making hormones, vitamin D, and substances that help digest foods, but high levels can increase the risk of heart disease.