Each partner, as an agent of the firm, has the power to enter into contracts, make decisions, and carry out business activities on behalf of the partnership. Any act done by a partner in the ordinary course of business and within the scope of the partnership’s activities is considered binding on the firm and the other partners.
Actual Authority: Partners have the authority to bind the firm through their actions within the ordinary course of the partnership’s business. This authority is usually defined in the partnership agreement and may be based on the partner’s position or specific responsibilities within the firm.
Implied Authority: Partners also have implied authority to carry out actions that are reasonably necessary for the conduct of the partnership’s business. These actions may not be explicitly stated in the partnership agreement but are considered customary or necessary for the firm’s operations.
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