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Which of following statements regarding entities is true? A. A C corporation is an incorporated entity chartered under federal law. B. An S corporation is

Which of following statements regarding entities is true?

A. A C corporation is an incorporated entity chartered under federal law.

B. An S corporation is a creature of state tax law.

C. In a LLC, none of the members bears personal liability for the debts and obligations of the entity.

D. In a limited partnership, the partners bear personal liability for the debts and obligations of the partnership.

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