Which of the following statements is CORRECT?
a. Corporations face fewer regulations than sole proprietorships.
b. One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the firm level and the owner leve.
c. One advantage of forming a corporation is that equity investors are usually exposed to less liability than in a regular partnership.
d. If a regular partnership goes bankrupt, each partner is exposed to liabilities only up to the amount of his or her investment in the business.