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Problem 1: Which of the following is true about a partnership?
Multiple Choice
Option 1: The old partnership ends only upon the withdrawal of a partner.
Option 2: If a new partner is admitted to the partnership, the old partnership must liquidate.
Option 3: The old partnership ends upon the acceptance of a new partner.
Option 4: Partnerships have an unlimited life.
Option 5: Only one owner is allowed in a Partnership.
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