Which of the following statements is CORRECT? An advantage of incorporating is there is less personal liability than in a partnership. Corporations are far less regulated than proprietorships. A disadvantage of a proprietor is that the firm is subject to double taxation, because taxes are levied at both the firm level and the owner/personal level. It is generally less expensive to form a corporation than a proprietorship because, with a proprietorship, extensive legal documents are required. In a partnership such as Watson's lawn mowing service, only the person responsible for the action that causes the liability is responsible