1. Forms of business organizations Businesses can be dassified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LC), and limited liability partnership (UP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a corporation? Check all that apply. Owned by single individual Easier to transfer ownership in the form of stock Has unlimited life Exempt from double taxation Chartered by a state and is its own legal entity separate and distinct from its owners and managers Owners have limited liability 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 Joshua started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Joshua had to shut down his business and lost all his personal assets in the process. 220 89 F Sunny Chartered by a state and is its own legal entity separate and distinct from its owners and managers Owners have limited liability You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, dassify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Type of Business Sole Proprietorship LLC/LLP Business Scenario Joshua started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright Infringement. Joshua had to shut down his business and lost all his personal assets in the process, Willie started a business, based in a different state, with his unde. Due to the business's underperformance, they had to dose the business, Willie, however, ended up losing his house due to a litigation daim James, the CEO of a beverage company is required to certify the accuracy of information provided in the company's quarterly reports Selena and Mario run a law firm in Chicago. The firm has debt of $100,000, but Selena and Mario will not be held personally liable for the law firm's debt. Corporation Partnership