4. Forms of business organizations A Aa Businesses can be classified into the following forms: a sole 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 sole proprietorship? Check all that apply. can easily raise large amounts of capital Subject to lower income taxes Has unlimited life Less regulated 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 each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited ability company/limited liability partnership. Type of Business Business Scenario Tyler, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports. Jackson started a business, based in a different state, with his unde. Due to the business's underperformance, they had to close the business. Jackson, however, ended up losing his house due to a litigation claim. Tyler, Jackson, 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. Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death, Grade New Save Continue