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Exercise 12-01 Mark Rensing has prepared the following list of statements about partnerships. Identify each statement as true or false. 1. A partnership is an

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Exercise 12-01 Mark Rensing has prepared the following list of statements about partnerships. Identify each statement as true or false. 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes.

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