The carrying on of a business of a continuing nature is essential to constitute a partnership.
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The carrying on of a business of a continuing nature is essential to constitute a partnership.
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- An advantage of the partnership as a form of business organization would beThe characteristic of a partnership where a partner is an agent for other partners and the partnership when transacting partnership business is: a. a fiduciary relationship b. tenancy in partnership c. mutual agency d. the proprietary theoryIn partnership, partners act in common or act as an agent to one another . What does this mean??
- Briefly describe about partnership. What fundamentals of partnership agreement are necessary in the business? Also differentiate between charge and appropriation.Which of the following best describes the articles of partnership agreement? The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership. The articles of partnership are a legal covenant and must be expressed in writing to be valid. The articles of partnership are an agreement that limits partners’ liability to partnership assets. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.Discuss the concept of a partner being an agent of the partnership.
- Explain the meaning of partnership dissolution and state what effect dissolution will on the operations of the partnership business.A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions or those who are acting under their direct supervision is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyDiscuss the notion of a partner acting as the partnership's agent.
- Which of the following is NOT a principal characteristic of the partnership form of business organization? Association of individuals Limited liability Limited life Mutual agencyWhat is the characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts called? Group of answer choices unlimited liability ease of formation dissolution mutual agencyChoose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
