Question

heya.

explain me

no spam



formation

assocation of two or more persons

unlimited liability

implied authority

exitence of lawful​

Answer 1

unlimited liability:

Like proprietorship, each partner has unlimited liability in the firm. This means that if the assets of the partnership firm fall short to meet the firm’s obligations, the partners’ private assets will also be used for the purpose.

Answer 2

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Unlimited Liability

An unlimited liability corporation is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.

Implied Authority

Implied authority refers to an agent with the jurisdiction to perform acts that are reasonably necessary to accomplish the purpose of an organization. Under contract law, implied authority figures have the ability to make a legally binding contract on behalf of another person or company.