Which of the following is true of a sole proprietorship and a partnership?

a.

In a partnership, partners have unlimited liability, whereas, in a sole proprietorship, the owner has limited liability.

b.

Income from both forms of organizations is double-taxed.

c.

In both forms, owners have unlimited liability.

d.

In a partnership, income is exempted from tax up to $10 million, whereas, in a corporation, income is taxed twice.

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