4. Forms of business organizations Aa Aa 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 toa proprietorship? Check all that apply Has unlimited life can easily raise large amounts of capital Owned by single individual 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 Business #2 Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes only on their individual tax returns. Hard Rock Mining is a mineral mining company. The CEO of Hard Rock Mining died last month. The news led to a short-term decline in the company's stock price, but the price bounced back after the company announced its increased quarterly earnings This is an example of: This is an example of: A corporation O An LLP/LLC An LLP/LLC A proprietorship A proprietorship O A partnership A corporation O A partnership