Fay was admitted to global associates

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Reference no: EM13724206

11. Fay was admitted to Global Associates, an existing general partnership on January, 2014. In August, 2014, a partnership debt that was incurred in October, 2013 came due. Fay is:
a) Not liable for the debt because the debt was incurred prior to her joining the partnership.
b) Only liable for the debt up to the amount of her capital contribution to the partnership.
c) Personally liable only for 50% of the total debt if 50% of the other partners do not pay.
d) Personally liable for the full extent of the debt if the other partners do not pay.

Reference no: EM13724206

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