Indicate whether each statement below is a reflection, Accounting Basics

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Indicate whether each statement below is a reflection

Partnership Characteristics

Indicate whether each statement below is a reflection of

(a) voluntary association,

(b) a partnership agreement,

(d) mutual agency, or

(e) unlimited liability.

1. A written contract among partners.

2. Any partner can sign a contract obligating the partnership.

3. A partner may be liable for the debts of the partnership.

4. A partnership ends when a partner is admitted, withdraws, retires, or dies.

5. A partner may leave a partnership if he or she wants to.

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Accounting Basics: Indicate whether each statement below is a reflection

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