Question 1. 1.
A sole proprietorship has a perpetual existence.
True
False
Question 2. 2.
For tax purposes a partnership and a corporation are treated in an identical manner.
True
False
Question 3. 3.
When a corporation issues common stock the stock holders are not guaranteed dividends in the future.
True
False
Question 4. 4.
If a firm wants to conduct business in multiple states then the firm cannot be a sole proprietorship.
True
False
Question 5. 5
A partner is allowed to contribute property that is still being paid for into the partnership.
True
False