THE NATURE OF PARTNERSHIP Flashcards
1
Q
DEFINITION of partnership?
A
2
Q
patrner, firm and firm name?
A
3
Q
third party?
A
4
Q
act of firm?
A
5
Q
busines?
A
6
Q
essentials of a partnership[list names only]?
A
7
Q
1]there must be an agreement?
A
8
Q
2] Association of two or more persons?
A
9
Q
3] carry on business?
A
10
Q
4] sharing of profits?
A
11
Q
5] mutual agency among partners?
A
12
Q
no separate legal status?
A
13
Q
unlimited liability?
A
14
Q
exam tip?
A
15
Q
difference between coownership and partnership?
A
