Consider the following statements and indicate if each of the statements listed in the left-hand column of the table is normally true or false for each of the types of business organization: proprietorship, partnership, public corporation, and private corporation. Proprietorship Partnership Public Corporation Private Corporation False False True True True v False > 1. No personal liability 2. Owner(s) pay(s) personal income tax on company income 3. Generally easiest form of organization to raise capital 4. Ownership indicated by shares False False True False False False False True > 5. Required to issue quarterly financial statements 6 Owned by one person True False 7. Limited life