Indicate whether each statement that follows is a reflection of (a) voluntary association, (b) a partnership agreement, (c) limited life, (d) mutual agency, (e) unlimited liability, or (f) separate entity. 1. A partner may be required to pay the debts of the partnership out of personal assets. 2. A partnership must be dissolved when a partner is admitted, withdraws, retires, or dies. 3. Any partner can bind the partnership to a business agreement. SOLUTION 4. A partner does not have to remain a partner if he or she does not want to. 5. From an accounting standpoint, the affairs of partnerships are distinct and apart from those of their partners. TRY IT! SE1, E1A,E1B 6. Details of the arrangements among partners are specified in a written contract