2. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited ability company ( Landed liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a corporation Check all the Easier to transfer ownership in the form of stock Owners have limited liability Has unlimited life Chartered by a province and is its own entity care from its owners Exempt from double taxation Owned by single individual You come across different kinds of businesses every day. The following table describes som butinenessing the deceach classify it as a sole doprietorship, a partnership, 2 corporation or a limited liability companied by the Type of business Business Scenario Ethan is self-employed and reports of his income and so his personal income tax retum Radford and friend Shirley run a carpet dari bune They tribute the profit proportionately and file their individual taxes Aakash, the CEO of a beverage company, is required to cortify the accuracy of information provided in the companys quarterly reports Selena and Maria run a law firm in Chicago. The firm has debt of $100.000, but Selena and Mario will not be held personaby able for the law firm's debt Businesses in the form of corporations offer their owned averal advantaous, but the benefits come at a price for initance, corporate to create a charter set bylaws, and file mandatory reports with province and federal authorities which can get operate and time comomine The ning document, which includes a set of created by the founders of the corporation such as discos lection proceso directorial position) whether the existing shareholders will be the right to be share them and Dad bylaws and so on, is called the corporate