Question
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
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.
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