Laura Lark, a partner in DSJ, a general partnership, wishes to withdraw from the partnership and sell her interest to Ward. All of the other partners in DSJ have agreed to admit Ward as a partner and to hold Lark harmless for the past, present, and future liabilities of DSJ. As a result of Lark's withdrawal and Ward's admission, Ward
A. Acquired only the right to receive Lark's share of DSJ profits.
B. Has the right to participate in DSJ's management.
C. Is personally liable for partnership liabilities arising before and after being admitted as a partner.
D. Must contribute cash or property to DSJ to be admitted with full partnership rights.
Answer: B. Has the right to participate in DSJ's management.
You might also like to view...
The internal records system supplies results data, but the marketing intelligence system supplies ________ data
A) internal B) revenue C) thematic D) happenings E) process
Job evaluation methods can be categorized into two groups:
(a) market-pricing guideline methods and market-pricing method (b) ranking methods and stub selection procedure (c) point-factor comparison methods and general point-factor comparison methods (NMTA, NEMA) (d) whole job methods and compensable factor-based methods