Each Partner in a Partnership Is the Agent of the Other

question 37

True/False

Each partner in a partnership is the agent of the other partners and is responsible for the torts of the other partners if committed in the course and scope of the partnership.

---

Definitions:

Auditor Opinions

Formal statements made by an auditor based on an audit of a company's financial statements, indicating the level of reliability of the financial information.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, particularly in the United States.

Qualified Opinion

An assessment by an auditor indicating that there were some issues or exceptions found during the audit, but none were significant enough to impact the overall accuracy of the financial statements.

Reportable Segment

A distinguishable business unit or segment of an organization for which separate financial information is available and regularly reviewed by the company's management.