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1.Which one of the following statements relating to partnerships is CORRECT? a.Partnership property is individually owned by the partner(s) who brought the asset(s) into the

1.Which one of the following statements relating to partnerships is CORRECT?

a.Partnership property is individually owned by the partner(s) who brought the asset(s) into the business

b.Partnership is a separate legal entity

c.A partnership offers limited liability to business owners

d.Partnerships are terminated and reconstituted each time a partner joins or leaves

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