Which of the following best describes firm organization?

a. One of the disadvantages of a corporation is that the owners have unlimited liability when the firm goes bankrupt, which means losses can exceed the actual funds invested.

b. In both regular and limited partnerships, all partners are liable for the debts of the partnership.

c. Sole proprietorships and partnerships generally have a tax advantage over corporations, especially large ones.

d. In a sole proprietorship, the proprietor has limited liability for the business's debts and losses are limited to the money the proprietor invested in the business.