In the United States, which one of the following statements regarding partnerships and corporations is false? Assume that the stocks of the corporations are publicy traded.) A. For financial reporting a corporation is a separate economic entity distinct from its owners, but a partnership is not B. For the business owners, legal ability to outside creditors is limited for corporations, but unlimited for partnerships cifa partnership has only internal reporting needs, the partnership does not need to follow the generally accepted accounting principles (GAAP). D.Paid-in capital de contributed capital) and earned capitale.refined earnings) are separately reported for corporate accounting, but combined for partnership accounting