True or False
_________1.In partnership, only the managing partner can act as an agent of the business.
_________2.Unlike corporations, the liabilities of partnerships and sole proprietorship are unlimited.
__________3. A partnership has no legal identity separate from the owners.
__________4. All responsibilities and business decisions fall on the shoulder of the sole proprietorship.
___________5. In partnership, a partner may be subject to personal liability due to the fault of the other partners.
(FABM1)Subject