Question: Answer True / False In a general partnership, each partner is individually liable to creditors for the debt incurred by the partnership, to the extent

Answer True / False

  1. In a general partnership, each partner is individually liable to creditors for the debt incurred by the partnership, to the extent of the partners capital balance. _____________
  2. A partnership is a legal entity separate from its owners._____________
  3. A partnership is subject to federal income taxes.________________
  4. A disadvantage of partnerships is the mutual agency of all partners._________
  5. Each partnership must have a written partnership agreement.___________

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