Question
Which of the following statements is CORRECT? a. One of the disadvantages of incorporating a business is that the owners then become subject to liabilities
Which of the following statements is CORRECT?
a. | One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. | |
b. | Sole proprietorships are subject to more regulations than corporations. | |
c. | Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. | |
d. | In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. | |
e. | Corporations of all types are subject to the corporate income tax. |
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