Final answer:
An S corp shareholder would NOT be personally liable for the debts of the business.
Step-by-step explanation:
Out of the options provided, the S corp shareholder would NOT be personally liable for the debts of the business. Unlike a sole proprietor or a partner in a general partnership or joint venture, an S corp shareholder has limited liability. This means that their personal assets are protected and they are not personally responsible for the debts of the business.