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Which of the following statements is CORRECT? a. Sole proprietorships are subject to more regulations than corporations. b....

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Finance

Which of the following statements is CORRECT?

a. Sole proprietorships are subjectto more regulations than corporations.
b. One of the disadvantages ofincorporating a business is that the owners then become subject toliabilities in the event the firm goes bankrupt.
c. Corporations of all types aresubject to the corporate income tax.
d. Sole proprietorships andpartnerships generally have a tax advantage over many corporations,especially large ones.
e. In any type of partnership,every partner has the same rights, privileges, and liabilityexposure as every other partner.

Answer & Explanation Solved by verified expert
4.1 Ratings (670 Votes)
D Sole proprietorships and partnerships generally have a tax advantage over many corporations especially large ones The federal individual income tax has seven tax rates ranging from 10 percent to 37 percent The rates apply to taxable income ie total gross income after deducting the allowable standard deduction Federal income tax rates follow the increasing pattern as the taxable income    See Answer
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