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Exit VCEDump BUSINESS-ENVIRONMENT-AND-CONCEPTS Certified Public Accountant (Business Environment amd Concepts)

Q19 Single choice

Lark, a partner in DSJ, a general partnership, wishes to withdraw from the partnership and sell Lark's 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 to the partnership, Ward:

A
Acquired only the right to receive Ward'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 the same rights as the other partners.

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