When a partner exceeds his or her authority and the act looks appropriate for the partnership, the act is NOT binding on the other partners and the partnership.
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Q5: A partnership is more difficult to form
Q6: A partnership is NOT an accounting entity
Q7: Two proprietorships CANNOT combine and form a
Q8: In a limited liability partnership, all the
Q9: Because of the unlimited liability of partners
Q11: A partnership is taxed as a single
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
Q17: A partnership has unlimited life.
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