A business shows equity as follows in its statement of financial position: Owner's equity: James Smith, capital... $3,277,000 Karl James, capital.. $2,157,000 The business is a (an) a. Partnership O b. Sole proprietorship. Oo. Joint Venture O d. Corporation What is a disadvantage of the partnership business form as opposed to the corporate business form? Corporate shareholders are not personally liable for corporate debt. O a. Ob. Partnerships pay no federal income tax. c. Partners are personally liable for partnership debt. Partnerships pay double federal income tax on partnership earnings, once at the partnership level, and once again upon distribution of profit d. to partners at the individual partner's level