True or False

State "true" or "false" regarding each of the following statements concerning Limited Liability Partnerships and corporations:

a. Both forms of business protect all of the owners against potential personal liabilities for a breach of contract that they might commit in conducting company business

b. Both forms of business protect all of the owners against potential personal liabilities for a negligent tort that one of their co-owners commits in conducting company business

c. Both forms of business are tax-paying entities under federal tax law

d. To form both forms of business, formal documents must be filed with the federal government

e. If these businesses have fewer than five co-owners, each co-owner has the right to conduct business on behalf of the business