There Are Three Primary Disadvantages of a Regular Partnership: (1)

question 1

True/False

There are three primary disadvantages of a regular partnership: (1) unlimited liability, (2) limited life of the organization, and (3) difficulty of transferring ownership.These combine to make it difficult for partnerships to attract large amounts of capital and thus to grow to a very large size.

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Definitions:

Express

Clearly and directly stated, leaving no room for doubt or ambiguity.

Implied

Not directly expressed or stated but understood in the context of the situation or agreement.

Sabbath Laws

Laws prohibiting the performance of certain activities on Sundays.

Implied Ratification

The act of accepting and endorsing previous actions or decisions unofficially or through indirect conduct, even without formal approval.