The partnership form of business organization should be entered into with caution because

A) the firm will be bound to perform any contract entered into by a partner with third parties.

B) a third party may claim damages against the partnership for injury incurred as the result of any tort committed by a partner.

C) partners may leave the firm to avoid debts or claims against the partnership.

D) the admission of a new partner to the firm does not automatically render the new partner liable for the existing debts of the partnership.

E) all of the responses are correct.