even if third parties are not aware of that limitation.Only a partner with a majority interest in a partnership has the authority to represent the partnership to third parties.A partner has authority to deal with third parties on the behalf of the other partners only if he has written permission to do so.A partner may be able to legally bind the partnership to actions even if the other partners are unaware of his actions.16.award:0 out of4.00 pointsThe withdrawals account of each partner is:Closed to that partner’s capital account with a credit.Closed to that partner’s capital account with a debit.A permanent account that is not closed.Credited with that partner’s share of net income.Debited with that partner’s share of net loss.17.award:4 out of4.00 pointsMutual agency meansCreditors can apply their claims to partners’ personal assets.Partners are taxed on partnership withdrawals.All partners must agree before the partnership can act.The partnership has a limited life.A partner can commit or bind the partnership in any contract within the scope of the partnership business.18.award:4 out of4.00 pointsIn a partnership agreement
if the companions agreed to an curiosity allowance of 10% yearly on every associate's funding