Hans and his sister, Greta, own a hair salon. They each contributed capital to purchase equipment and supplies for the salon. They both work in the salon and they share management responsibilities and profits 50-50. They have not entered into any written agreement. They have not filed any articles of organization or articles of incorporation under their state's laws. Which of the following is true? Hans and Greta ________

May elect to treat the business as a qualified joint venture on their tax returns.

Have a limited partnership.

May divide profits however they please and report income without Form 1065, U.S. Return of Partnership Income.

Are both personally liable for the salon's business debts even if those debts exceed the business assets.