Which of the following statements is INCORRECT?

		One advantage of operating as a corporation rather than as a partnership is that corporate shareholders are exposed to less personal liability than partners.
		There are good reasons to expect a firm's bondholders and stockholders to react differently to the types of new asset investments a firm makes.
		Bondholders are generally less willing than stockholders to have managers invest in risky projects with high potential returns as opposed to safer projects with lower expected returns.
		Relative to sole proprietorships, corporations generally face more regulations.
		None of the above.