1. A proprietorship's continuity is tied directly to the will of the proprietor. A. True B. False 2. Dissolution is the same thing as terminating an organization's business activity. A. True B. False 3. Partners are taxed on their share of the partnership's profits regardless of whether the profits are distributed. A. True B. False 4. The articles of incorporation usually exclude details about the proposed corporation's period of duration. A. True B. False 5. Alleging that a person is the sole owner of a corporation engaged in wrongful activity results in a piercing of the corporate veil. A. True B. False Which of the following is true about a sole proprietorship? A. The most expensive business organization to create is a sole proprietorship firm. B. Any sole proprietorship requires formal documentation during the creation process. C. The proprietor usually has the least amount of control on the business. D. The sole proprietor is personally obligated for all debts and liabilities. E. All business incomes are exempt from personal taxation. 6. 1. A proprietorship's continuity is tied directly to the will of the proprietor. A. True B. False 2. Dissolution is the same thing as terminating an organization's business activity. A. True B. False 3. Partners are taxed on their share of the partnership's profits regardless of whether the profits are distributed. A. True B. False 4. The articles of incorporation usually exclude details about the proposed corporation's period of duration. A. True B. False 5. Alleging that a person is the sole owner of a corporation engaged in wrongful activity results in a piercing of the corporate veil. A. True B. False Which of the following is true about a sole proprietorship? A. The most expensive business organization to create is a sole proprietorship firm. B. Any sole proprietorship requires formal documentation during the creation process. C. The proprietor usually has the least amount of control on the business. D. The sole proprietor is personally obligated for all debts and liabilities. E. All business incomes are exempt from personal taxation. 6