Final answer:
The statement is false. The fiscal year for a new business is not determined by the day the company is formed, but it is typically a set period of 12 consecutive months aligned with the calendar year.
Step-by-step explanation:
The statement 'If you are starting a new business, your fiscal year will start on the day you formed your company' is false.
When starting a new business, your fiscal year is not determined by the day the company is formed. Instead, the fiscal year is a set period of 12 consecutive months that a business uses for financial reporting. It is typically aligned with the calendar year, running from January 1st to December 31st.
For example, if you start a new business in May, your first fiscal year will generally run from May of that year until April of the following year.