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1. How does mutual agency affect a partnership? 2. How is net income of a partnership taxed? 3. What is the difference between an LLC

1. How does mutual agency affect a partnership?

2. How is net income of a partnership taxed?

3. What is the difference between an LLC and an LLP? (Hint: An LLC and and LLP are not a limited partnership. All three are separate forms of organization.)

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