In Regard to the Quest of Wally and Sally to Find

Multiple Choice

In regard to the quest of Wally and Sally to find the best form of business organization,which of the following is true?

A) An S corporation provides the tax advantages of a partnership but does not avoid personal liability for shareholders.
B) A limited liability company combines the tax advantages of a partnership with the limited liability of a corporation.
C) A double sole proprietorship avoids corporate double taxation and also shields assets of the owners from tort claims of third parties although creditors may reach the personal assets of the owners.
D) An unincorporated cooperative combines the tax advantages of a partnership with the limited liability of a corporation.
E) A joint venture is a type of undertaking involving joint stock which is treated as a corporation in regard to double taxation and limited liability.