Please answer 1 & 2

Which one of the following statements is correct? Both partnerships and corporations incur double taxation. Sole proprietorships and partnerships are taxed in a similar fashion. Partnerships are the most complicated type of business to form. Both partnerships and corporations have bylaws. All types of business formations have limited lives. The shareholders of common stock of a corporation: receive tax-free income because profits are taxed at the corporate level. share equally in any losses created by the firm. are personally liable for a percentage of the firm's debts. are protected from any losses exceeding their equity investment in the firm. are protected from any financial losses