FUND OF ACCT PRIN (LOOSE)+ACCESS CARD
FUND OF ACCT PRIN (LOOSE)+ACCESS CARD
25th Edition
ISBN: 9781264749812
Author: Wild
Publisher: MCG
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Chapter 12, Problem 2DQ
To determine

Concept Introduction:

Partnership:

Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Owner's authority and authorization:

A partnership works on the concept of Mutual Agency. As per Mutual agency concept, each partner is principal as well as the agent of another partner; they work for the benefit of partnership firm together. Each partner is the agent of the partnership business and has the ability to take decisions on behalf of the partnership and bound the partnership for the same.

To Discuss:

The meaning of the term "Mutual Agency" in case of a partnership.

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