Cheers Inc. operates as a partnership. Now the partners have

Cheers Inc. operates as a partnership. Now the partners have decided to convert the business into a corporation. Which of the following statements is CORRECT?
a. Assuming Cheers is profitable, none of its income will be subject to federal income taxes.
b. Cheers will find it more difficult to raise additional capital.
c. Cheers investors will be exposed to less liability, but they will find it more difficult to transfer their ownership.
d. Cheers will now be subject to fewer regulations.
e. Cheers shareholders (the ex-partners) will now be exposed to less liability.