TRUE OR FALSE C Write TRUE if the statement is correct, otherwise, write FALSE. Place your answers in the worksheet. 1. A partnership must always have two owners. 2. Two or more persons may form a corporation for the exercise of profession. 3. One of the partners in a proposed partnership is a multi-millionaire. The stipulation in the articles of partnership shall be excluded from sharing in the profits of the partnership is void. 4. All partnerships are co ownership. 5. A partnership could be established for the purpose of charity. 6. There is no income tax imposed on a partnership. 7. A partner usually retains title to assets contributed to a partnership, so that certain assets may be identified as belonging to partner. 8. Any person can become a partner to a partnership even without the prior consent of other partners. 9. When partnership becomes insolvent, the partners are not personally liable as to the partnership's liabilities. 10.A partnership can be formed even without a general partner. EXPLANATION Enumerate characteristics of the partnerships which can't be found in sole proprietorships. Explain each characteristic.