Question 12: Which one of the following statements concerning a proprietorship is true? (1 Point) O A proprietorship can be a business jointly owned by two family members. O Income from a proprietorship is taxed as a separate entity. O A partial transfer of ownership is easier with a corporation than with a proprietorship. Income from a proprietorship is taxed at a lower rate than other personal income. O A proprietor is not personally responsible for the firm's liabilities