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A firm has two partners: Jim and Bill. Jim owns 60% of the partnership and Bill owns 40%. In which of the following transactions will
A firm has two partners: Jim and Bill. Jim owns 60% of the partnership and Bill owns 40%. In which of the following transactions will the partnership be held responsible for an individual partners' actions?
A. Jim buys a laptop on credit for personal use.
B. Bill defaults on payment of his personal credit card bill.
C. Jim signs a contract as a guarantor for Bill's personal loan.
D. Bill signs a contract to buy furniture for official use in the partnership.
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