Which of the following statements is CORRECT? O One of the disadvantages of incorporating your business is that you could become subject to the firm's liabilities in the event of bankruptcy. O Proprietorships are subject to more regulations than corporations. Corporations of all types are subject to the corporate income tax. O Proprietorships and partnerships generally have a tax advantage over corporations. In any partnership, every partner has the same rights, privileges, and liability exposure as every other partner.