Final answer:
Yes, a partnership can assume liabilities as part of one partner's contributions if all partners consent. This is seen in general partnerships where each partner shares responsibility for debts and actions. In contrast, limited liability partnerships protect individual partners' personal assets beyond their investment.
Step-by-step explanation:
The question pertains to whether a partnership can assume liabilities as part of one partner's contributions. The answer is a) Yes, with the consent of all partners. When forming a partnership, one partner can indeed contribute to the partnership by assuming liabilities, as long as there is collective agreement among all the existing partners.
It's important to recognize that in a general partnership, each partner is responsible for all business debts and for the actions of other partners. Thus, the assumption of liabilities can have implications on all partners.
On the other hand, a limited liability partnership (LLP) provides partners with protection against personal loss beyond their investment in the company. In an LLP, partners are not personally responsible for the debts of the partnership beyond their contributions.