Answer the following statements true (T) or false (F)

1. In a general partnership, each partner has limited personal liability for the debts of the business.
2.) In a general partnership, if one partner cannot pay his or her part of the debts, the other partner or partners must pay with their personal assets.
3. In a partnership, when a partner contributes a particular asset to the firm, he or she is considered to be
the sole owner of the asset.
4. In a partnership, the income is taxed at the partnership level as well as at the personal level of the owners.
5. In a general partnership, the partners have unlimited personal liability for the debts of the business.


1. False
2, True
3. False
4. False
5. True

Business

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