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

Question

Quizplus · Accepted Answer

Some corporations (S corporations)are able to avoid the corporate income tax.Proprietorships and partnerships pay personal income tax,but they avoid the corporate income tax.

Which of the Following Statements Is CORRECT