The ________ Payment Method Is Commonly Used When There Is

question 82

Multiple Choice

The ________ payment method is commonly used when there is an ongoing relationship between the two parties.

• A)advance payment
• B)documentary collection
• C)letter of credit
• D)open account

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Definitions:

New Partnerships

Newly formed legal entities created by two or more parties agreeing to do business together for profit.

Dissociated Partner

A partner who has withdrawn from a partnership, thereby ending his or her involvement with the business.

Liability

The legal responsibility or obligation to compensate for harm caused, debts owed, or for fulfilling specific duties.

LLP

Limited Liability Partnership, a legal structure for a business where partners' liabilities are limited to their investment in the partnership.