Limited Liability Partnerships protect partners from both business liability and their own professional liability.

Select one:

True

False

A limited partner will never lose his limited liability, even if he participates in management.

Select one:

True

False

An agent's job is to act on behalf and instead of the principal in negotiating and transacting business with

third parties.

Select one:

True

False

Which of the following is not an agent's responsibility?

a$.$ to notify the principal of all matters that come to the agent's attention concerning the subject matter

of the agency.

b$.$ to retain gifts from third parties in connection with the agency.

c$.$ to act solely for the benefit of his or her principal and not in the interest of the agent or a third party.

d$.$ to use reasonable diligence and skill in performing the work.

Partners have express authority to conduct partnership business but not implied authority.

Select one:

True

False