According to the RUPA

question 58

Multiple Choice

According to the RUPA:

• A)partners have no liability for the obligations of the partnership.
• B)a partnership cannot sue or be sued in its own name.
• C)a partnership does not have a life apart from its owners.
• D)partnerships have continuity of existence.

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Definitions:

Inventories

The total amount of goods and materials held by a company for the purpose of sale or production.

Security

A financial asset, such as a stock or bond, that can be traded in the financial market.

Manufacturer

A manufacturer is a person or company that makes goods for sale, especially on a large scale, involving processes like designing, fabricating, and marketing.

Conditional Sale Agreement

A contract for the sale of goods where the purchase price is paid in installments and the ownership of the goods is transferred to the buyer only after all payments have been made.