Which statement about business entities is NOT correct?

options:

1) In a general partnership the partners can be held personally responsible for thedebts of the partnership.

2) Sole proprietorships provide limited liability; therefore, creditors cannot seize the personal assets of the operator to pay for debts incurred by the business.

3) A limited liability partnership allows partners to limit their liability while maintaining the tax status of a partnership.

4) A close corporation, or closely held corporation, is not publicly traded.