A Proxy Is a Document That Gives a Designated Agent

question 69

True/False

A proxy is a document that gives a designated agent the right to vote a shareholder's stock.

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Definitions:

Partnership Debts

Liabilities that are owed by a partnership, which are the joint responsibility of the partnership's members.

Mutual Agency

A legal principle in partnerships where each partner has the authority to act on behalf of, and bind, the partnership in contractual agreements.

Unlimited Liability

Partners may be personally liable for debts of the partnership.

Limited Risk

Financial exposure that is knowingly restricted or minimized in investments or business operations.