___________________________ Implies That Each Partner in a Partnership Can Be

question 50

Essay

___________________________ implies that each partner in a partnership can be called on to pay a partnership's debts.

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Definitions:

Dissociation

The process or action by which a member of an entity such as a partnership or association formally ends their association with, or participation in, that entity.

Retiring Partner

A partner who leaves a partnership, ending their association with the business.

Discharged

In legal contexts, to release someone from an obligation, duty, or liability.

Existing Liabilities

Financial obligations or debts that a company or individual currently owes and is responsible for repaying.