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Joe and Susan have formed a partnership. Susan goes to the bank and signs an agreement on behalf of the partnership borrowing $100,000 at 5%
Joe and Susan have formed a partnership. Susan goes to the bank and signs an agreement on behalf of the partnership borrowing $100,000 at 5% for two years. Joe is now also responsible for this debt. This is known as
limited liability.
limited life.
mutual agency.
unlimited liability
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
6th edition
131588141, 978-0131588141
