Need to do parts

6-9

EXERCISES E12-1 Mark Rensing has prepared the following list of statements about partnerships. identify characte 1. A partnership is an association of three or more partnership, (LO 1) persons to car on as co-owners of a business for profit. 2. The legal requireme 3. A partnership is not an entity for financial reporting purposes. 4. The net income of a partnership is taxed as a separate entity ts for forming a partnership can be quite burdensome. 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 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 m ore partners have limited liability for the debts of the firm 9. Mutual agency is a major advantage of the partnership f Instructions Identify each statement as true or false. If false, indicate how to correct the statemetnt