(Answered) Indicate whether each of the following statements is true

Accounting

Indicate whether each of the following statements is true or false.

1. Each partner is personally and individually liable for all partnership liabilities.

2. If a partnership dissolves, each partner has a claim to the specific assets he/she contributed to the firm.

3. In a limited partnership, all partners have limited liability.

4. A major advantage of regular partnership is that it is simple and inexpensive to create and operate.

5. Members of a limited liability company can take an active management role.

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