The characteristic of partnerships that states that every partner can bind the business to a contract within the scope of the partnership's regular business operations is called:

a) limited life

b) mutual agency

c) unlimited liability

d) co-ownership of property

Which of the following statements is TRUE about a limited partnership?

a) The general partner takes on greater liability than the limited partners.

b) The partners all share equally in the income or losses of the partnership.

c) In a limited partnership, all partners are considered to be limited partners.

d) The general partner has first claim on the income of the partnership.