16. If a business is operated as a passthrough entity, the startup losses of the business may be deducted against the current taxable income of the owner True False 17. If a new business organized as a C corporation incurs start-up losses, the tax benefits of those losses will be recognized immediately True False 18. If a business is formed as a regular corporation, the income may be subject to double taxation True False 19. Both individual general partners and S corporation shareholders must pay self-employment tax on their share of the entity's ordinary business income. True False 20. Limited liability companies (LLCS) provide owners the tax advantages of a passthrough entity and the limited liability protection of corporations True False