CALCULATOR FULL Exercise 12-01 Mark Rensing has prepared the following list of statements about partnerships Identify each statement as true or false. w Ich 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. Esion) 2. The legal requirements for forming a partnership can be quite burdensome. ssion) 3. A partnership is not an entity for financial reporting purposes. d (Part 4. The net income of a partnership is taxed as a separate entity ission) ission) 5. The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority. 6. Each partner is personally and individually liable for all partnership liabilities. Study 7. When a partnership is dissolved, the assets legally revert to the original contributor. 8. In a limited partnership, one or more partners have unlimited liability and one or more partners have limited liability for the debts of the firm