Indicate whether each action that follows is a reflection of (a) Voluntary association, (b) A partnership agreement,
Question:
(a) Voluntary association,
(b) A partnership agreement,
(c) Limited life,
(d) Mutual agency,
(e) Unlimited liability.
1. A partner signs an contract obligating the partnership.
2. A partner leaves a partnership for personal reasons.
3. A partner has to pay some of the debts of the partnership.
4. The partners write a contract among themselves.
5. A partner leaves the partnership ending the partnership.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted: