TRUE OR FALSE.

1. A partnership is basically formed based on the trust and confidence to each other.
2. All partners are contributors of assets to the partnership; hence, all partners are co-owners of the partnership assets.
3. A capitalist industrial partner could be limited partner as to liability.
4. If a part of the contribution is a real property it should be in public instrument which must be recorded with the securities and SEC.
5. The association of cpa for wondering professional services could be in the form of a corporation.​