Directors in a corporation and general partners in a partnership bear personal liability in their respective businesses. (TRUE OR FALSE)

The sole proprietorship permits the owner a great deal of freedom in the operation of the business, but has its limitations in that it is subject to "double taxation," that is, tax on the income of the business and tax on the dividend income to the individual owner. (TRUE OR FALSE)

In a general partnership, the owners of the business are called either general or limited partners. (TRUE OR FALSE)

If a corporation formed in Oregon files the proper documentation and does business in California, it is called a foreign corporation. (TRUE OR FALSE)

Each partner is an agent of the other and as such, has a fiduciary duty to act responsibly and in good faith on behalf of the partnership. (TRUE OR FALSE)