Which of the following statements are correct with regard to different types of business organizations? Select all that apply.

		A sole proprietorships business profit is treated as personal income for tax purpose.
		A corporations business profit is taxed twice: first at the company level and then at the shareholders individual level.
		A limited liability company (LLC) works as a corporation for tax purposes.
		In most states, only individually insured professionals can form limited liability partnerships (LLP).