Harry is a new partner who's just been admitted to a general partnership. Harry was admitted as a new general partner by investing a $200,000 capital contribution. When he's admitted to the company, the company owes $1 million in debts. If the general partnership goes bankrupt and out of business still owing both debts, Harry is liable for the existing debts and obligations of the partnership only to the extent of his capital contribution ($200,000).

 What are these existing debts and obligations ($1 million in the scenario) called? 

Negligence

Action for an accounting 

 Self-dealing

 Antecedent debts

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