Mark Rensing has prepared these 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.		select an option TrueFalse
2.		The legal requirements for forming a partnership can be quite burdensome.		select an option TrueFalse
3.		A partnership is not an entity for financial reporting purposes.		select an option TrueFalse
4.		The net income of a partnership is taxed as a separate entity.		select an option TrueFalse
5.		The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority.		select an option TrueFalse
6.		Each partner is personally and individually liable for all partnership liabilities.		select an option TrueFalse
7.		When a partnership is dissolved, the assets legally revert to the original contributor.		select an option TrueFalse
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.		select an option TrueFalse
9.		Mutual agency is a major advantage of the partnership form of business.		select an option