Indicate whether each statement below is a reflection of

(a) Voluntary association,

(b) A partnership agreement,

(c) Limited life,

(d) Mutual agency, or

(e) Unlimited liability.

1. A partner may be required to pay the debts of the partnership out of personal assets.

2. A partnership must be dissolved when a partner is admitted, withdraws, retires, or dies.

3. Any partner can bind the partnership to a business agreement.

4. A partner does not have to remain a partner if he or she does net want to.

5. Details of the arrangements among partners are specified in a written contract.