David is admitted to an existing partnership. several, Ask an Expert

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David is admitted to an existing partnership. Several partnership debts and obligations have become due. With regards to ONLY those debts and obligations arising AFTER David joined the partnership, David is most likely:

a. Is in no way liable for those debts or obligations
b. Personally liable for those debts and obligations (and, of course, his contribution to the partnership could also be used to satisfy the debts and obligations)
c. Liable for those debts and obligations but only to the extent of his capital contribution to the partnership
d. Liable for up to $5,000 of debts and obligations pursuant to the UPA

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412715

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