Payroll-weighted Transition Matrix (Continuing businesses)
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                                    In t+1:
  In t:          Proprietor    Partner      S-Corp     C-Corp
 Proprietor          98.0         0.6         0.4         0.9    
 Partner              0.3        99.0         0.3         0.4
 S-Corp               0.0         0.2        97.1         2.7
 C-Corp               0.1         0.1         2.3        97.5


Source: 
  Dyrda and Pugsley (2019)
  Taxes, Private Equity, and Evolution of Income Inequality in the US