Give positive feed back on the following explanation Sole Proprietorship- Proprietorships report income and losses on their personal tax return. The owner of the business is personally responsible for the company's debts. Characteristics -This type of business is easy to set up. The accounting for these entities can be as simple as cash basis records. C Corporation- Income is taxed at the corporate level and again when the owners distribute dividends. Known as double taxation. Characteristics- Separate legal identity, limited liability for owners, easy transfer of shares, and the best plan if the company aims to go public someday. There is a board of directors who govern management. C-corps are costly to set up and have more associated accounting costs