Answer the following statement(s) true (T) or false (F)
1. In a sole proprietorship, you are personally responsible for problems such as injuries on the job or loans taken out on behalf of the business.
2. A limited liability partnership protects the owners from liability, and taxes are paid by the corporation.
3. Choosing the wrong business structure can lead to incurring higher taxes than necessary.
4. Regardless of the type of entity, a business partner can always maintain his or her own shares in the company, even when they leave the company, provided they were one of the company’s founders.
5. Once a product is protected by a patent in the United States, the product will be protected from counterfeit by other countries due to international trade agreements.
1. True
2. False
3. True
4. False
5. False
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Indicate whether the statement is true or false