True or False & Multiple Choice ( 35 questions @ 2 points each )

1.______ The profits earned from the operation of a sole proprietorship are taxed as the

personal income of the sole proprietor.

2.______ A sole proprietorship is terminated on the death of the owner.

3.______ A sole proprietorship is a separate legal entity, with an unlimited duration.

4.______ The only way that a General Partnership may be formed is a written agreement.

5.______ Partnership books and records must be accessible to all of the partners.

6.______ Each partner has the right to sell their share of specific partnership property, as

if they were the exclusive owner.

7.______ In the absence of any agreement to the contrary, a General Partnership is dissolved

by the death of any one partner.

8.______ Any single partner may be personally liable for the contract debts of the

General Partnership

9.______ The Secretary of State will allow a new corporation to use a name which is

exactly the same as the name of an existing corporation in the State of Illinois .