Indicate whether each of the following statements is true or false.

1. Each partner is personally and individually liable for all partnership liabilities.

2. If a partnership dissolves, each partner has a claim to the specific assets he/she contributed to the firm.

3. In a limited partnership, all partners have limited liability.

4. A major advantage of regular partnership is that it is simple and inexpensive to create and operate.

5. Members of a limited liability company can take an active management role.