Unclosed Business Is Defined as Business Written Close to the Reporting

question 69

True/False

Unclosed business is defined as business written close to the reporting date for which the date of attachment of the risk is before the end of the reporting date.

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Definitions:

RUPA

The Revised Uniform Partnership Act (RUPA) is a comprehensive statute that provides a legal framework for the formation, operation, and dissolution of partnerships in the United States.

Limited Liability

A legal structure that limits the financial responsibility of an organization's owners or shareholders to the amount they have invested in the company.

Aggregate Theory

A theory in partnership law that holds that a partnership is actually a conglomeration of the partners rather than a separate legal person with its own legal identity.