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The type of business structure an individual $($or group of individuals$)$ chooses for business operation can impact a wide variety of issues, including the simplicity of operating the business, the administrative costs of operating the business, the tax rate at which business profits are taxed and the degree to which the business owner is personally exposed to the liabilities $($including creditors$)$ of the business. The following are types of business structures

Partnerships

Sole proprietorships

Corporations

Listed below are some potential attributes of private corporations:

Shares are not offered to the public

There must be at least $3$ shareholders

Assets of the corporation are separate from those of the shareholders

Not all of the business profits need to be distributed to the shareholders

Corporate tax rates are generally less than personal tax rates

Select one: