Which of the Following Is True Regarding Partnerships

question 128

Multiple Choice

Which of the following is true regarding partnerships?

• A) They are created when two or more persons agree to undertake to do business jointly for profit.
• B) Agency concepts do not apply to partners.
• C) Partners assume fiduciary duties toward one another.
• D) Partners are not personally liable for the business obligations and debts of the partnership.
• E) They are created when two or more persons agree to undertake to do business jointly for profit, and partners assume fiduciary duties toward one another.

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Definitions:

Power

The ability or capacity to influence the behavior of others, the course of events, or the outcome of decisions, often analyzed in social, political, and personal contexts.

Sexual Gratification

The experience of pleasure, especially sexual pleasure, often resulting from sexual activity.

Sexual Harassment

involves unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature.

Contribution Margin

The amount of revenue remaining after deducting the variable costs associated with producing a product, used to cover fixed costs and generate profit.