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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

Accounting Basics, Accounting

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