general partnership the action of any partner can bind the entire partnership

General partnership the action of any partner can

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general partnership, the action of any partner can bind the entire partnership on contracts. A general partnership may be based on a written agreement, an oral agreement, or even a handshake. The following are key elements of general partnerships: ± Each partner invests in some way. ± All partners are equally and individually liable for debts of the partnership regardless of their percentage ownership.
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