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Which of the following is an advantage of a partnership when compared to a corporation?

The partnership is relatively inexpensive to organize

mutual agency

The characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts is called

fair market value at the time of the contribution

When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their

authorized stock

The state charter allows a corporation to issue only a certain number of shares of each class of stock. This amount of stock is called

retained earnings

The term deficit is used to refer to a debit balance in which of the following accounts of a corporation?

the date of declaration

The liability for a dividend is recorded on which of the following dates?

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