true or false

29) Accounts receivable that are uncollectible must remain on the books because the customer may eventually pay.

30) The direct write-off method of accounting for uncollectible receivables is primarily used by small, nonpublic companies.

31) A partnership is a business with two or more owners that is legally organized as a corporation.

32) The addition of a new partner to a firm does not dissolve the old partnership.

33) In a partnership, the income is taxed at the partnership level as well as at the personal level of the owners.

34) In a general partnership, the partners have unlimited personal liability for the debts of the business.

35) In a limited liability partnership, each partner is not personally liable for the malpractice or negligence committed by another partner. 36) If elected, an S corporation pays no corporate income tax. 37) Which of the following is TRUE of a written partnership agreement?