Are the following statements True or False? 1)A general partnership must have at least 2 members with each having their potential financial loss in the partnership limited to their individual investment. False 2)The owner of a sole proprietorship has unlimited liability for the company’s debt. 3)A corporation is considered a separate legal entity from its shareholders. 4)Once a corporation has paid taxes on its income, it can be passed on as tax-free dividends to its shareholders. Solution 1)True since it needs to have a minimum of 2 members and share profits and loss based on proportion of investment 2)True since he is the only owner needs to share everything 3)True 4)False , the shareholders also needs to pay taxes on the dividend received.