a partner in the business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
TRUE OR FALSE
PLEASE ANSWER ALL.
Transcribed Image Text:10. The receipt by a person of a share of the profits of a business is
conclusive evidence that he is a partner in the business.
11. A general partner is liable only to the extent of his contribution while a
limited partner is liable beyond his contribution.
12. An oral contract of partnership is as good as a written one.
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