IDDDECI A =1,-VO-rtiv TNormal TNoSpac Heading 1 Heading 2 Paragraph Styles 41. Taxes are simple for a sole proprietorship since the owner treats the business as a personal tax for both profits and losses. True False 42. Arkansas permits an unincorporated entity to own real property in the state 43. A partnership must be in writing to be enforceable. 44. For tax purposes, a Limited Partnership is a separate entity from its partners and will be taxed separately True False True False True False 45. An advantage of an LLC over a corporation is that a termination date for the entity can be stated in its operating agreement. True False 46. The Limited Partners in a Limited Partnership are not prohibited from also acting as managers or officers in control of the activities of the partnership. True False 47. Most states require a minimum of 5 directors if there are 3 or more shareholders in a corporation. True False 4S. Corporations are not required to hold annual meetings so long as their accounting systems conform to standard accounting practices True False 49. A corporation that fails to issue paper stock certificates to its shareholders violates the SEC rule of conduct and will subject its officers to criminal liability. True False 50. A dividend is a distribution of corporate profits or income to shareholders. 51. A corporation can be dissolved by a court if the directors are deadlocked and the corporation is unable to function True False as a result True False