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A partnership is an association of three or more persons tocarry on as co-owners of a business for pro t. The legal requirements for forming a partnership can be quiteburdensome. A partnership is not an entity for financial reportingpurposes. The net income of a partnership is taxed as a separateentity. The act of any partner is binding on all other partners, evenwhen partners perform business acts beyond the scope of their authority. Each partner is personally and individually liable for allpartnership liabilities. When a partnership is dissolved, the assets legally revert tothe original contributor. In a limited partnership, one or more partners have unlimitedliability and one or more partners have limited liability for the debts of therm. A mutual agency is a major advantage of the partnership form ofbusiness.
Instructions Identify each statement as true or false. If false, indicate howto correct the statement. . . .