Mutual agency implies that each partner in a partnership is a fully authorized agent of the partnership. When of the following statements is correct regarding the authority of a partner to bind the partnership in dealings with third parties? The partner's authority much be derived from the partnership agreement. The partner's authority may be effectively limited by a formal resolution of the other partners, even if third parties are not aware of that limitation. Only a partner with a majority interest in a partnership has the authority to represent the partnership to third parties. A partner has authority to deal with third parties on the behalf of the other partners only if he has written permission to do so. A partner may be able to legally bind the partnership to action even if the other partners are unaware of his actions. Pat and Nicole formed Here & There as a limited liability company. Unless the member owners elect to be treated otherwise, the Internal Revenue Service will tax the LIC as: An S corporation, A C corporation. A non-taxable entity. A joint venture. A partnership. A partnership in which all partners have mutual agency and unlimited liability is called: Limited partnership. Limited liability partnership. General partnership. S corporation. Limited liability company. Carter Pearson is a partner in Event Promoters. His beginning partnership capital balance for the current year is $55,000, and his ending partnership capital balance for the current year is $62,000. His share of this year's partnership income was $6, 250. What is his partner return on equity? 5.34% 8.93% 10.08% 11.36% 10.68% Design Services in organized as a limited partnership, with Miko Toori as one of its partners. Miko's capital account began the year with a balance of $35,000. During the year, Miko's share of the partnership income was $7, 500, and Miko received $4,000 in distributions from the partnership. What is Miko's partner return on equity? 10.2% 22.7% 19.5% 20.4% 21.4%