Please give a detailed explanation. Thanks!

Please select ONE BEST choice from the choices given. For numerical questions, please select the closest answer if you cannot find the exact answer. 1. Which of the following arguments about business organizational structure are correct? I. A business formed by two individuals who both have unlimited liability is a General Partnership II. A business formed by two individuals who both have unlimited liability is a Limited Partnership III. A Sole Proprietorship business has unlimited business life IV. A business created as a distinct legal entity and treated as a legal "person" is a Corporation A. I and III only B. II and IV only C. II and III only D. I and IV only E. I only