1. Formsof business organizations Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP) Different forms of businesses have different characteristics. Which of the following characteristics belong to a partnership? Check all that apply Taxed at individual (personal) level Chartered by a state and is its own entity, separate from its owners Easy transfer of ownership Personal assets possibly used to settle the debts of the business You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify it as a proprietorship, partnership, corpoation, or limited liability partnership and/or limited liability company (LLP/LLC). Business #1: Alyssa and her uncle started a software development company. Without her uncle's knowledge, Alyssa illegally used another company's code to meet the needs of a client. The resulting lawsuit closed the business and bankrupted both Alyssa and her uncle. This is an example of A partnership A proprietorship An LLP/LLC O A corporation You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify it as a proprietorship, partnership, corporation, or limited liability partnership and/or limited liability company (LLP/LLC). Business #1: Alyssa and her uncle started a software development company. Without her unde's knowledge, Alyssa illegally used another company's code to meet the needs of a client. The resulting lawsult closed the business and bankrupted both Alyssa and her uncle. This is an example of: A partnership O A proprietorship An LLP/LLC O A corporation Business #2: Tim founded and operated a lunch only catering business, which specialized in providing fresh, delectable, eat-at-your-desk lunches to office workers. When he died, the business was dissolved because there was no plan for succession (control) In the event of his death This is an example of O A proprietorship A partnership An LLP/LLC O A corporation