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Which of the following statements about traditional partnerships are true? (1) A partnership is a legal entity separate from its members; (2) Each partner is liable without limit for the debts of the partnership; (3) Written partnership agreements override the statutory terms contained in the Partnership Act 1890; (4) The assets and liabilities belong to the partners; (5) Every partner is an agent of the partnership. A. 1, 2 and 5 only. B. 1, 2, 4 and 5 only. C. 2, 3, 4 and 5 only. D. 2, 4 and 5 only. |