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

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.

Once assets have been invested in the partnership they are owned jointly by all partners.

Definitions

Learning Objectives

Learning Objectives

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