Final answer:
False. The claim that a fictitious business name statement must be renewed annually is false; generally, such statements are renewed every five years and updates may be required if significant changes occur.
Step-by-step explanation:
The statement that a fictitious business name statement must be filed with the county clerk and renewed every year is false.
Typically, the requirement is that the statement should be renewed every five years, not annually. This requirement does not depend on the type of business or changes in ownership. However, if a change does occur in ownership or other significant details, an update or new fictitious name filing may be necessary.
It is essential for sole proprietorships and other business structures to comply with local regulations concerning fictitious business names to ensure legal operation and avoid potential penalties.