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You are getting ready to become a partner in an accounting partnership. Before you sign up, they tell you that they owe the bank $500,000
You are getting ready to become a partner in an accounting partnership. Before you sign up, they tell you that they owe the bank $500,000 on a building loan and are paying $100,000 on a malpractice claim of a partner not there anymore. The partnership tells you that they will be paying these out of future profits and thus out of your share. Are you personally liable for these debts? Oa. no, because you signed a novation O b. yes, you were told before you were a partner that these debts existed so being a partner means you agree to pay them with the rest of your partners O c. no, these are partnership debts and partners cannot be held personally liable for partnership debt. O d. no, they happened before you signed on, but your partnership share is at risk for them
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