Question

(1) Unlimited liability of partners is (A) The agreement between partners that sets forth the terms...

(1) Unlimited liability of partners is

(A) The agreement between partners that sets forth the terms under which the affairs of the partnership will be conducted

(B) The legal relationship among general partners that make each of them responsible for paying all the debts of the partnership if the other partners are unable to pay their shares

(C) The legal relationship between partners in which all the partners must share liability for the partnership debts, but only up to the amount of their capital accounts

(D) The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business

(E) In the absence of a contrary agreement, the legal responsibility of partners in a partnership to share all losses equally

(2) A partnership designed to protect innocent partners from malpractice or negligence claims resulting from acts of another partner is a

(A) Limited liability company

(B) Limited liability partnership

(C) Partnership

(D)Limited partnership

(E) General partnership

(3) The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business is called

(A) Preemptive right

(B) Voluntary association

(C) Mutual agency

(D) A partnership contract

(E) Unlimited liability

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