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 partner.
Answer: b