Multiple Choice
Which of the following is true regarding partnerships?
A) They are created when two or more persons agree to undertake to do business jointly for profit.
B) Agency concepts do not apply to partners.
C) Partners assume fiduciary duties toward one another.
D) Partners are not personally liable for the business obligations and debts of the partnership.
E) They are created when two or more persons agree to undertake to do business jointly for profit, and partners assume fiduciary duties toward one another.
Correct Answer:
Verified
Correct Answer:
Verified
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