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T/F. A partnership is defined as an association of two or more persons to carry on a business as co-owners for profit. Partnerships can participate

T/F.

A partnership is defined as "an association of two or more persons to carry on a business as co-owners for profit."

Partnerships can participate in various public limited company benefits.

Partnership revenues and expenses must be closed out at the end of each fiscal period and the net income allocated to each partners' capital account.

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