1. Forms of business organizations Aa Aa E Businesses can be classified into the following forms: a sole proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a corporation? Check all that apply. Has unlimited life Easier to transfer ownership in the form of stock Exempt from double taxation Owned by single individual Owners have limited liability Chartered by a state and is its own entity separate from its owners You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership Type of Business Business Scenario Brandon started a business, based in a different state, with his uncle. Due to the business's underperformance, they had to close the business. Brandon, however, ended up losing his house due to a litigation claim. Richard started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Richard had to shut down his business and lost all his personal assets in the process. Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes based on individual income. Chris, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports