1. Forms of business organizations 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 a limited a limited liability partnership? Check all that apply. Limited financial liability Partners' potential losses are limited to their investment Have corporate ownership structure Owners have limited liability and right to vote Owned by single individual LLPs are not suitable for professional firms such as accounting, law, and architecture