The Partnership Form of Business Organization Should Be Entered into with Caution

question 43

Multiple Choice

The partnership form of business organization should be entered into with caution because

• A)the firm will be bound to perform any contract entered into by a partner with third parties.
• B)a third party may claim damages against the partnership for injury incurred as the result of any tort committed by a partner.
• C)partners may leave the firm to avoid debts or claims against the partnership.
• D)the admission of a new partner to the firm does not automatically render the new partner liable for the existing debts of the partnership.
• E)a,b,and d.

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Definitions:

On/off Control

A basic form of control system that operates by simply turning a process or device on or off in response to conditions.

On/off Control

A straightforward control technique which switches a system or device between its operational and non-operational states.

Analog Control

A method of controlling systems using continuous signals rather than digital or discrete signals.

Final Control Element

The component in a control system that directly regulates the flow of energy or material in the process, such as a valve or actuator.