4. Answer True/False for each of the following:

a) With simple interest, the interest earned is calculated based on the original principle plus any accumulated interest that has been left in the account.

b) On the positive side, the partners in a partnership are NOT held liable for a businesss debts.

c) The earnings in a proprietorship are taxed at the owners personal tax rate.

d) In a partnership, the partners are taxed at the lesser of the two rates (personal tax rate of the partner or the corporate tax rate).

e) An LLC can issue common stock.

f) An S corp can issue common stock.

g) S corporations are ordinary business corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes

h) The LL in LLC stands for Limited Licensing.