Question 2 Which of the following are imposed rules on general partnerships? Each general partner is considered to be an agent for the partnership and for each partner, as long as the partner is acting in a business-related matter. Each general partner is personally liable, without limit, for torts or contracts if the partnership has insufficient assets to cover the debt or liability. Each general partner is expected to devote service only to the partnership and not to any competing business ventures. O All of the above.
Question 2 Which of the following are imposed rules on general partnerships? Each general partner is considered to be an agent for the partnership and for each partner, as long as the partner is acting in a business-related matter. Each general partner is personally liable, without limit, for torts or contracts if the partnership has insufficient assets to cover the debt or liability. Each general partner is expected to devote service only to the partnership and not to any competing business ventures. O All of the above.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 3BD
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