Which of the following is a characteristic of partnerships?
A)Unlimited life
B)Limited liability
C)Involuntary association
D)Mutual agency

Question

Quizplus · Accepted Answer

Mutual agency is a characteristic of partnerships, wherein each partner has the authority to act on behalf of the business and bind it to contractual obligations. A partnership does not have limited liability like a corporation, and its life span depends on the agreement among the partners. It is a voluntary association entered into by the partners.

Which of the Following Is a Characteristic of Partnerships