Answer the following statement(s) true (T) or false (F)
1. The partnership agreement may require each partner to contribute additional capital to the partnership as needed for the continuance of the partnership business.
2. Partners must pay income tax on the portion of the partnership income that is allocated to them.
3. The partnership is formed when the partnership agreement is filed with the secretary of state’s office.
4. All partners share in the profits and losses of the partnership to some extent.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
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