Indicate whether each of the following statements is true or false.
1. When a partnership is formed, the responsibilities of the partners should be specified in a legal document, the partnership agreement
2. A closely held corporation is one in which buying and selling shares of stock is limited to transactions between specific individuals
3. The SEC has legal authority for the establishment of accounting policies to be followed by companies registered on stock exchanges
4. The process of forming a sole proprietorship is very complex
5. To form a corporation, the organizers must complete a charter of incorporation and, if approved, the state issues the articles of incorporation

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The Answer of Indicate whether each of the following statements is true or false.
1. When a partnership is formed, the responsibilities of the partners should be specified in a legal document, the partnership agreement
2. A closely held corporation is one in which buying and selling shares of stock is limited to transactions between specific individuals
3. The SEC has legal authority for the establishment of accounting policies to be followed by companies registered on stock exchanges
4. The process of forming a sole proprietorship is very complex
5. To form a corporation, the organizers must complete a charter of incorporation and, if approved, the state issues the articles of incorporation

Indicate Whether Each of the Following Statements Is True or False