Mutual agency means that each partner acts for the partnership when he or she does partnership business.
Correct Answer:
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Q13: A partnership may be based on a
Q14: When a long-lived asset is contributed to
Q15: A partnership is a relationship between people
Q16: A partnership must have a legal written
Q17: A partnership has unlimited life.
Q18: A partnership must make a profit.
Q19: Each partner is jointly and severally liable
Q20: A corporation is subject to less government
Q21: Salaries to partners and interest on partner's
Q22: Partnership profit or loss must be divided
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