Question 7 5 pts Which of the following statements is TRUE? Corporations face fewer reporting requirements than limited liability partnerships One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the form level and the owner level One disadvantage of forming a corporation is that equity investors are usually exposed to more liability than in a regular partnership. It is generally more expensive to form a corporation than a partnership because, with a corporation extensive legal documents are required