Every partner is a creditor of the partnership for whatever he or she promised to contribute to the common fund.Group of answer choicesTrueFalse

Every partner is an agent of the partnership for the purpose of its business.Group of answer choicesTrueFalse

Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him or her without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him or her of its property.Group of answer choicesTrueFalse

A general partner is one whose liability to the partnership obligations extends to his personal contribution only.Select one:TrueFalse

Each partner has their own capital account (an equity account):

All partners may be limited partnership.Group of answer choicesTrueFalse