2. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, and an income trust. Different forms of businesses have different characteristics. Which of the following characteristics would apply to a proprietors apply. Less regulated Has unlimited life Can easily raise large amounts of capital Not subject to double taxation Subject to unlimited liability Owned by single individual You come across different kinds of businesses every day. The following table describes some businesses. Using the description of classify it as a proprietorship, a partnership, a corporation, an income trust, or a limited liability partnership (LLP)