Examlex
What does the abbreviation PEEP refer to?
Existing Partner(s)
Refers to current members of a partnership who share ownership and responsibility for the business.
Mutual Agency
A principle in partnership where each partner is both an agent and a principal, permitting each partner to bind the partnership in contract within the scope of the partnership’s business.
Unlimited Liability
A legal obligation where an individual's responsibility for debt extends beyond what they've invested in a business, potentially affecting personal assets.
Partners' Capital Statement
A financial report that shows the changes in each partner's equity in a partnership over a period of time.
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