What ethical responsibilities do general partners have to one another why Quizlet
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Introduction to Global Health2nd EditionKathryn H Jacobsen 116 solutions 1) The third party must show they reasonably relied, to their detriment, they held themselves out to be a partnership UPA §9(1) provides that "Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently
carrying on in the usual way of business of the partnership of which he is a member binds the partnership, unless the partner so acting has, in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority" What is one of the duties of the partners in a general partnership quizlet?Partner's rights and duties: Each partner is to have a capital account presenting the amount of that partner's contributions to the partnership, net of any liabilities, and the partner's share of the partnership profits or losses, less any distributions.
How is responsibility shared in a partnership quizlet?Partners in a general partnership share equally in both responsibility and liability. Many of the same kinds of businesses that operate as sole proprietorships could operate as general partnerships.
What are the advantages of general partnership quizlet?a general partnership offers the advantages of pooled financial resources and the benefits of a shared workload that can take advantage of complementary skills. The earnings of general partnerships are taxed only as income to the partners; there is no separate income tax on the business itself.
What two features characterize a general partnership quizlet?Which two characteristics are true of partnerships? (1) They are not subject to federal income taxation and (2) they have limited life.
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