2. Forms of business organizations Aa Aa E Businesses can be classified into the following forms: a 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 limited liability company and a limited liability partnership? Check all that apply. Limited financial liability LLPs are not suitable for professional firms like accounting, law, and architecture O Taxed as a partnership O Owned by single individual Have corporate ownership structure 0 Owners have limited liability and right to vote 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 proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Type of Business Proprietorship Partnership Business Scenario Joshua is self-employed and reports all of his income and expenses in his personal income-tax return. James, Willie, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Willie and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Rock Inc. is a mineral mining company. The CEO of Rock Inc. recently died. The news led to a short-term decline in the company's stock price, but it bounced back after the company announced its quarterly earnings. Corporation LLC/LLP