Indicate which of the following statements is (are) correct. (Select as many as are appropriate.)

a. 2. Indicate which of the following statements is (are) correct. (Select as many as are appropriate.) A corporation is a separate legal entity and pays income tax on its net income. b. In a partnership, there is a legal distinction between the business and the partners. c. Shareholders are responsible for the debts of the corporation because they are the owners of the company. d. The net income of a proprietorship is taxed on the owner's personal income tax return. e. Forming a corporation is the most complex way to structure a business. f. Each partner in a partnership generally has unlimited liability for all of the debts of the partnership g. The reporting entity concept applies regardless of whether a business is organized as a pbprietorship, partnership, or corporation