Command Button True/False States

By "Form" do you mean a Forms button, or do you mean an ActiveX commandbutton on a Userform?

I'll assume the latter. Set the Caption to False in the properties window. Then this is the click event handler code:

Private Sub CommandButton1_Click()
    CommandButton1.Caption = CStr(Not (CBool(CommandButton1.Caption)))
End Sub

But are you sure that a commandbutton it the correct control to use? How about a checkbox?