When One Joins an Existing Partnership, Care Must Be Taken

question 47

True/False

When one joins an existing partnership, care must be taken to examine the records of the partnership as any new partner automatically becomes jointly and severally liable for the existing partnership debts along with the existing partners.

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Definitions:

Internal

pertains to occurring or existing within the limits or boundaries of something; often referring to processes or features within an organization or an individual.

Unstable

Lacking consistency or predictability in state, structure, or behavior, leading to unpredictability.

Macrosystem

The broadest context in the ecological systems theory, encompassing societal cultures, laws, customs, and resources that influence the individual's development.

Exosystems

In ecological systems theory, the external environments and contexts that indirectly influence an individual's development, such as parents' workplaces.