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What are the three types of firms? Explain the major advantages and disadvantages of each. The three types of firms are A. non-profit, non-governmental, and governmental B. proprietorship, partnership, and corporation C. governmental, partnership, and corporation OD. proprietorship, non-profit, and corporation It is an advantage of It is an advantage of that owners have limited liability. that profits are taxed only once. A. a corporation; both a partnership and a proprietorship B. a proprietorship; a corporation C. a partnership; a proprietorship D. both a partnership and a proprietorship; a partnership It is a disadvantage of It is a disadvantage of that the cost of capital and labor is high, relative to that of a corporation. that retained profits are taxed twice. A. both a partnership and a proprietorship; a corporation B. a proprietorship; both a partnership and a proprietorship C. a partnership; a proprietorship OD. both a partnership and a proprietorship; a proprietorship