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| Donaldson reached the mandatory retirement age as a partner of the Malcomb and Black partnership. Edwards was chosen by the remaining partners to succeed Donaldson. The remaining partners agreed to assume all of Donaldson’s partnership liability and released Donaldson from such liability. Additionally, Edwards expressly assumed full liability for Donaldson’s partnership liability incurred prior to retirement. Which of the following is correct? A. Edward’s assumption of Donaldson’s liability was a matter of form since as an incoming partner he was liable as a matter of law. B. Donaldson has no continuing potential liability to firm creditors as a result of the agreements contained in the retirement plan. C. Firm creditors are not precluded from asserting rights against Donaldson for debts incurred while she was a partner, the agreements of Donaldson and the remaining partners notwithstanding. D. Since Donaldson obtained a release from firm debts she has no liability for debts incurred while she was a partner. |