Asked by Kalindi Schneider on May 11, 2024
Verified
Once assets have been invested in the partnership they are owned jointly by all partners.
Assets
Resources a business owns.
Partnership
A legal and business relationship between two or more individuals who join together to conduct a business. Each partner contributes resources and shares the profits and losses.
Jointly Owned
Assets, properties, or businesses owned by two or more parties, sharing rights and responsibilities.
- Understand the allocation of profits, losses, and liabilities among partners.
Verified Answer
AB
Audra BudimanMay 16, 2024
Final Answer :
True
Explanation :
When assets are invested in a partnership, they become joint property of all partners.
Learning Objectives
- Understand the allocation of profits, losses, and liabilities among partners.
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