What is the liability of a person admitted into an existing partnership for prior obligations?

When a person is admitted into an existing partnership, they become a partner with respect to all the obligations of the partnership, including debts incurred prior to their admission. This principle is based on the notion that partnerships are collectively responsible for obligations that arise under the partnership's name, and incoming partners share in those existing liabilities as if they were partners from the beginning.

The rationale behind this is that partnerships are treated as entities where each partner is jointly and severally liable for the partnership's debts and obligations. Therefore, an incoming partner, by joining the partnership, accepts the entire financial responsibility for obligations that were present before they joined. This maintains the integrity and accountability of partnerships, ensuring that all partners share the burden of debts incurred throughout the time the partnership was operating, regardless of when their involvement began.

The other options suggest limitations or conditions that do not align with partnership law principles regarding liability for existing debts.