Is in no way liable for those debts or obligations

Assignment Help Accounting Basics

Reference no: EM13132523

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

Reference no: EM13132523

Questions Cloud

Planning and control : The kind of standard that is most useful for planning and control is:

Analyze the differences between us gaap and ifrs : Analyze the differences between US GAAP and IFRS in accounting for equity statements to determine which presents the greatest challenges for the greatest number of companies. Provide specific examples to support your response.

Journeys : The formal paper should be at least 3 full pages long. Please use MLA style citations, and add the list of works cited on a separate page at the end.You will only use and quote the epic's ancient text which is a primary source.

Compare and contrast the two short stories : compare and contrast the two short stories "one holy night" by sandra cisneros and " a fathers story"by andre dubus

Is in no way liable for those debts or obligations : 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.

What is impact if the company adds an additional security : what is impact if the company adds an additional security guard for the factory at a cost of $41000 per year?

Internal control audit report : The existence of a material weakness led to an adverse opinion in the internal control audit report of a publicly traded company. Which of the following statements is correct if management believes that it has remediated the weakness?

What is the link among testing a clients internal system : From an audit perspective, what is the link (if any) among testing a clients internal control system and the level of substantive testing that is performed?

Post-racial america : "Considering the essays by Iyer, Ahmad and Williams, do you think there will ever be a post-racial America? Why or why not? Although a world where race no longer matters would, ideally, be free of discrimination, what problems might commentators like..

User Account

All Pages