A general partnership is an incorporated association of two or more people to pursue a business for profit as co-owners. True or False True False A partnership does not pay a business income tax. The income or loss of a partnership is allocated to the partners and is taxed on each partner's return. True or False True False Partners are taxed on their withdrawals, not on their share of partnership income. True or False True False Mutual agency means each partner can bind the partnership to contracts. True or False True False When a partner is admitted through purchasing an interest from one or more current partners, the partnership's assets, liabilities, and total equity are unaffected. True or False True False