1) The major advantages and disadvantages of proprietorships/partnerships versus corporations are as follows: a) Proprietorships/partnerships are relatively easy to set up and are more informal in structure but liabilities are unlimited and there is double taxation on income; Corporations are a separate legal entity that can have many sources for funding and the transfer of ownership is very easy, but liabilities are not limited to corporate holdings only. b) Proprietorships/partnerships are relatively easy to set up and liabilities are limited, but the business dies with the founder(s) and there is double taxation on income; Corporations are considered a separate legal entity that can have many sources for funding, but liabilities are not limited to corporate holdings only. c) Proprietorships/partnerships are relatively easy to set up and are more informal in structure, but liabilities are unlimited and the business dies with the founder(s); Corporations are limited in liabilities and are a separate legal entity that can have many sources for funding, but there is double taxation on income. d) Proprietorships/partnerships are relatively easy to set up and ownership is very easy to transfer, but liabilities are unlimited and the business dies with the founder(s); Corporations limited in liabilities and are a separate legal entity that can have many sources for funding, but there is double taxation on income. are