Please Discuss the following:

1. A partnership is a form of multiple ownership. For legal and tax purposes no entity is recognized. How does the entity concept relates to partnerships? Can entities be partners?

2. Creditors of a partnership may sue the partnership jointly or severally. What are the liabilities of a partner? What are the liabilities of the partnership? What do you understand by jointly and severally?

3. What happens if the partner has withdrawn all of the income of the partnership?

4. Can a partner avoid paying income taxes legally by not withdrawing income from the partnership?