3. LO.1 Presuming that no election is made under the check-the-box Regulations, how will the following businesses be treated for Federal income tax purposes?

a. A one-person entity not incorporated under state law.

b. A one-person entity incorporated under state law.

c. A multi-owner entity not incorporated under state law and possessing all of the characteristics common to corporations (i.e., continuity of life, centralized management, limited liability, and free transferability of interests).