Kathy Lentz, Rob Snyder, and Tom Rohm were all general partners in a consulting business. Each partner owned one-third of the business. The partnership agreement stated that all three partners must approve vouchers for payments in amounts exceeding $5,000. While Tom was on vacation, Kathy and Rob decided to purchase a new computer system costing $6,800. A voucher was prepared and Rob signed both his and Tom's name. Kathy signed her name and gave the voucher to the accounts payable clerk, who wrote the check for $6,800.
Explain why a partnership agreement would specify that all purchases over a certain amount must be approved by all partners.
State any circumstances that would warrant deviation from this policy.
Discuss the disadvantages of the partnership form of business ownership.
This is an discussion that needs to be more than 200 words and APA formatted.
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