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MEE - Partnership > Liability > Flashcards

Liability Flashcards

1
Q

Liability

A

Partners are jointly and severally liable for partnership debts

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2
Q

Incoming partner

A

An incoming partner is not personally liable for prior debts of the partnership, but his capital contributions can be used to satisfy such debts.

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3
Q

Outgoing partners

A

Outgoing partners are personally liable for debts incurred during their time at the partnership

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MEE - Partnership (7 decks)

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