The fact that partnership assets are owned jointly by all partners is called
A)Mutual agency
B)Unlimited liability
C)Co-ownership of property
D)Limited partnership
E)Sole proprietorship

Question

Quizplus · Accepted Answer

Partnership assets are considered co-owned by all partners, meaning that each partner has an equal right to the assets and is responsible for their share of any debts or liabilities associated with them. This is also known as co-ownership of property. Mutual agency refers to the authority of all partners to act on behalf of the partnership, while unlimited liability means that partners are personally responsible for all of the partnership's debts and obligations. Limited partnership and sole proprietorship are different business structures that do not necessarily involve co-ownership of assets.

The Fact That Partnership Assets Are Owned Jointly by All