Which of the following statements about organizational forms of a business is not correct?

A) In a sole proprietorship form of business or in a partnership form, the owner(s) are personally responsible for the debts of the business.

B) The partnership agreement states how profits are to be shared between partners and what happens when a new partner is to be admitted or an existing partner is retiring.

C) A corporation is a separate entity from both a legal and accounting perspective.

D) The owners of a corporation are legally responsible for the corporation's debts and taxes.