Which of the following arguments are CORRECT?

I. Andy is the owner of a sole proprietorship. This year the business goes bankrupt. Creditors take away all business assets but cannot take Andys personal assets.

II. Bob is a general partner of a partnership business. This year the business goes bankrupt. Creditors take away all business assets but cannot take Bobs personal assets.

III. A limited liability partnership has tax advantage compared to a corporation.

IV. A corporation can have an infinitely long life.

A. I and III only

B. I and IV only

C. II and III only

D. II and IV only

E. III and IV only