Question: Match each term to the correct definition as it relates to partnerships: Question 1 options: Each partner can sign contracts on behalf of the company,

Match each term to the correct definition as it relates to partnerships:

Question 1 options:

Each partner can sign contracts on behalf of the company, with or without the other partner's knowledge or approval.

a contra equity account where withdrawals are recorded

When the partners change for any reason, the existing partnership ends a new one must be formed.

each partner is responsible for all debts of the partnership
1.

Mutual agency
2.

Limited life
3.

Drawing account
4.

Unlimited liability

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