Fay Is Admitted to Global Trading Partners,an Existing Partnership

question 56

Multiple Choice

Fay is admitted to Global Trading Partners,an existing partnership.A partnership debt incurred before the date of her admission comes due.Fay is

• A)not liable for the debt.
• B)only liable for the debt up to the amount of his capital contribution.
• C)personally liable only to the extent the other partners do not pay.
• D)personally liable to the full extent of the debt.

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Definitions:

Downward Communication

Follows the chain of command from top to bottom.

Leanest Form

A state or manner that is stripped down to the most essential elements, without any excess or waste.

Active Listening

The process of fully concentrating on what is being said, understanding the message, and responding thoughtfully.

Parallel Communication

A communication process where messages are conveyed through multiple channels simultaneously to prevent bottlenecking and enhance understanding.