Presented below are descriptions of several different business organizations. Determine whether the situation described refers to a sole proprietorship, partnership, or corporation.
a. Ownership of Cola Corp. is divided into 1,000 shares.
b. Text Tech is owned by Kimberly Fisher, who is personally liable for the debts of the business.
c. Jerry Forrentes and Susan Montgomery own Financial Services, a financial and personal services provider. Neither Forrentes nor Montgomery has personal responsibility for the debts of Financial Services.
d. Nancy Kerr and Frank Levens own Runners, a courier service. Both Kerr and Levens are personally liable for the debts of the business.
e. MRS Consulting Services does not have a separate legal existence apart from the one person who owns it.
f. Biotech Company has one owner and does not pay income taxes.
g. Torby Technologies has two owners and pays its own income taxes.