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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