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What is a counterexample?
General Partnership
A business structure where two or more individuals own and operate a business together, sharing all profits, losses, and liabilities equally, unless otherwise agreed.
Formalities
Specific procedures or ceremonial acts legally required to validate contracts, documents, or other legal actions.
Purported Partners
Individuals who appear to or claim to be partners in a business to the public, regardless of the legality of their partnership status.
Authority
The legal power or right given to an individual or entity to act on behalf of another or make decisions within certain parameters.
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