Each Partner in a Partnership Is Liable for the Actions

question 17

Multiple Choice

Each partner in a partnership is liable for the actions of:

• A)The other partners.
• B)Creditors.
• C)Independent contractors.
• D)All of the above.

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Definitions:

Decrease Side

The side of an account that is used to record decreases in value, typically the left side for assets and expense accounts, and the right side for liability, equity, and revenue accounts.

Title

A legal term referring to a person's formal right or ownership of an object, real estate, or intellectual property.

Cash Payments

Outflows of cash by an entity, typically for expenses, goods purchased, or services rendered.

Credit

A financial term describing the ability to borrow money or access goods or services with the understanding that payment will be made in the future.