TRUE OR FALSE

1. The insolvency of a general partner shall result in the automatic dissolution of the partnership regardless of the financial status of the partnership

2. Promoters are essential in the formation and organization of a corporation

3. A partnership may be dissolved before the intended specified term or particular undertaking by decision of all the partners.

4. A managing partner may be removed for any cause, valid or invalid, if his appointment was made before the constitution of the partnership.

5. A director who was elected by a majority may actually be removed with or without cause