Financial Accounting

Mutual Agency Definition – What is Mutual Agency

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Mutual Agency definition. Analyzing the definition of key terms often provides more insight about concepts. Mutual agency can be defined as – Legal relationship among partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the scope of the partnership’s business. Mutual agency, concerning a partnership, allows each partner to act as the agent of the partnership, providing the power for either partner to make decisions and binding contracts on behalf of the partnership. Mutual agency is important to understand because it means that either partner could make decisions that have an impact on the other partners in the partnership.

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