From Eric Rollinson's Free and Double Counterpoint:
"When counterpoint is written so that any part will make a good Bass for the other parts, it is said to be invertible.
Quadruple Counterpoint. Any one of the four parts will serve as Bass for the other three above it: the last movement of Mozart's symphony in C, commonly called the Jupiter symphony, is largely constructed of quadruple counterpoint.
Triple Counterpoint is in three voices, and any one of the three voices will serve as Bass for the other two.. .
Double Counterpoint is in two voices. It is classifed as being "At the 15th", "At the 12th", or at any other interval. When the upper part is trasposed down, or the lower part moved up the interval named, the parts will be inverted and the Bass will be good. "
The Quality of the Bass Part
From the above it is clear that all voices of Invertible Counterpoint must be written in such a way as to make good Bass parts....What special qualities are necessary to make a good Bass part? The answer lies in the treatment of Second Inversions of Triads."
He goes on to remind the student of the acceptable use of 6/4 chords and how they may be acceptably used in invertible counterpoint..."There is no objection whatever to the use of 6/4 chords in Invertible Counterpoint providing the chord can be classified as Cadential 6/4, Appoggiatura 6/4, Auxiliary (or Pedal) 6/4, Passing 6/4, or Arpeggio 6/4 -- but any chord which cannot be classifed as one of those is classifed as "Bad".