Which of the Following Is a Provision of the Partnership

question 52

Multiple Choice

Which of the following is a provision of the Partnership Act in matters relating to Sheps & Shaps Law Offices?

• A) The managing partner is the authorized agent of the firm.
• B) Each partner is an agent of the firm.
• C) Each partnership must designate a managing partner.
• D) The partners are the firm's fiduciary agents.

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Definitions:

Entrepreneurship

The act of creating, managing, and operating a business venture in order to gain profit, often characterized by risk-taking.

Act-Learn-Build

A process approach that emphasizes action-oriented learning and building iteratively on results to develop new products, services, or businesses.

Social Entrepreneurship

The pursuit of entrepreneurial ventures with a major emphasis on achieving social goals and positive externalities.

Not-For-Profit

A tax status granted to companies performing functions deemed by Congress to be socially desirable that exempts them from income tax and, in some cases, allows them to receive tax-deductible donations.