Fill in the Blanks


1		A partner who assumes unlimited liability for the debts of the partnership is called a partner.


2		Partners who have no personal liability for debts of the partnership beyond the amounts they have invested in the partnership are called partners.


3		A partnership in which all partners have mutual agency and unlimited liability for partnership debts is called a partnership.


4		A partnership that has two classes of partners, limited partners and general partners, is called a partnership.


5		The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business is called .


6		An unincorporated association of two or more persons to pursue a business for profit as co-owners is called a .


7		The dissolution of a business partnership by 1) selling noncash assets for cash and allocating the gain or loss according to partners' income-and-loss ratio 2) paying liabilities 3) distributing remaining cash to partners based on capital balances is called partnership .


8		The legal relationship among general partners that makes each of them responsible for paying all the debts of the partnership if the other partners are unable to pay their shares is called of partners.


9		When a partner has a debit balance in his or her capital account before the final distribution of cash, this is called a .