"The business of a partnership concern may be carried on by all the partners or any one of them acting for all." Which core feature of partnership does this statement indicate?
- AAgreement
- BMutual agency
- CBusiness
- DLiability of partners
Solution & Step-by-step Explanation
The principle of Mutual Agency implies that every partner acts as both an agent and a principal for the firm. A partner can bind all other partners by his actions on behalf of the firm, allowing the business to be managed effectively by one or more individuals acting for everyone.