Indicate whether each of the following statements is true or false.
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Each partner is personally and individually liable for all partnership liabilities. |
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If a partnership dissolves, each partner has a claim to the specific assets he/she contributed to the firm. |
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In a limited partnership, all partners have limited liability. |
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A major advantage of regular partnership is that it is simple and inexpensive to create and operate. |
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Members of a limited liability company can take an active management role. |