Consider the following statements.

Instructions
Indicate if each of the statements listed in the left -hand column of the table above is normally true (T) or false (F) for each of the following types of business organization: proprietorship, partnership, public corporation, and private corporation. The first one has been done for you as an example.

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Public Corporation Corporation Private Proprietorship Partnership 1. No personal liability 2. Owner(s) pay(s) personal income tax on company profits 3. Generally easiest form of organization to raise capital 4. Ownership indicated by shares 5. Required to issue quarterly financial statements 6. Owned by one person 7. Limited life 8. Usually easiest form of organization to set up 9. Required to use IFRS as its accounting standards 10. Shares are closely held