Question

One basic difference between partnership and agency law is that: a. in a partnership, partners are not deemed to be agents of the other partners b. each partner has an ownership interest in the firm c. each partner does not have an ownership interest in the firm 2. what governs the operation of a partnership when there is no express partnership agreement

Answer 1

One basic difference between partnership and agency law is that
(b) EACH PARTNER HAS AN OWNERSHIP INTEREST IN THE FIRM.
A partnership is a business agreement carried between two or more people. An agency is an organization or company that provides a particular service.

When there is no express partnership agreement the operation of a partnership is governed by THE UNIFORM PARTNERSHIP ACT. The Uniform Partnership Act (UPA) governs the partnership even in the absence of an express partnership agreement. It has reduced many discrepancies related to the partnership laws.