Which of the following statements concerning the differences in operating a business as a partnership or as an S corporation is true?
A. The owners of a general partnership have unlimited personal liability for the debts of the business.
B. The owners of an S corporation have unlimited personal liability for the debts of the business.
C. The S corporation form offers greater flexibility in allocating the income or loss among the owners.
D. All of the above are true statements.
Answer: A
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