A partner cannot assign his interest in the partnership without dissolving the partnership. True False QUESTION 20 The newly formed Tavin and Shane Partnership cannot commence business until it meets its state's required minimum amount of capitalization. True False QUESTION 21 Drew, Elmer, and Frank are partners in the DEF partnership. The partnership is being dissolved. It has $200,000 in cash assets and it owes $410,000 to creditors. Profits and losses of the partners are shared equally, although Drew contributed S100,000 in capital; Elmer contributed $50,000 in capital, and Frank contributed $25,000 in capital. Which of the following is correct with regard to the responsibility of each partner? a. Each partner is responsible for $70,000 of the money owed to creditors. b. Elmer will have to contribute additional capital in order to settle the partnership affairs. c. Drew will have to contribute additional capital in order to settle the partnership affairs. d. All of these are correct