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The industrial partner is not liable for losses because he cannot withdraw the labor or work that he has already done.

a. True
b. False

1 Answer

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Final answer:

The statement regarding the industrial partner's liability for losses is false; partners may be liable for business obligations, depending on the partnership terms. Likewise, the claim about proprietors in a proprietary colony having no responsibilities except to collect profits is also false, as proprietors had other governance and developmental duties.

Step-by-step explanation:

The statement that the industrial partner is not liable for losses because he cannot withdraw the labor or work that he has already done is false. In a business partnership, all partners are typically liable for business debts and obligations, which may include losses, regardless of their contributions in terms of labor or capital. However, the specific terms of liability can vary based on the partnership agreement and the type of partnership, such as a limited partnership where some partners have limited liability.

Similarly, the statement 'In a proprietary colony, the Proprietors have no responsibilities except to collect the profits' is false. Proprietors of a colony would have had a range of responsibilities beyond collecting profits such as governing the colony, maintaining order, and promoting settlement and economic development.

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