Answer the following statement(s) true (T) or false (F)
1. Creditors of the partnership may look to the personal property of partners in the event that partnership assets are insufficient to cover a debt.
2. The partnership agreement may specify that one partner has the right to manage the business of the partnership.
3. Partners may purchase insurance to cover many potential liabilities.
4. Unless otherwise specified in the partnership agreement or other written agreement, in states that follow the Uniform Partnership Act (1914), the partnership dissolves whenever one partner ceases to be a partner, for whatever reason.
5. A partner may designate a substitute to assume all of his or her rights in and responsibilities to a partnership.
1. TRUE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
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