How does mutual agency affect a partnership

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Question -

1. What is the purpose and possible components of a partnership agreement?

2. How does mutual agency affect a partnership?

3. How is net income of a partnership taxed?

4. What is the difference between an LLC and an LLP? (Hint: An LLC and and LLP are not a limited partnership. All three are separate forms of organization.)

5. How are partnership profits allocated?

6. What is the difference between partnership liquidation and partnership dissolution? (Hint: do not report that they are the same.)

Reference no: EM133048726

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