4. Forms of business organizations Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, fimited liabitity company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check asl that aoply. 2 Legal arrangement between two or more people Can easlly raise large amounts of capital Taxed at individual level Chartered by a state and is its own legal entity separate and distinct from its owners and managers Subject to unlimited personal liability Income is allocated on a pro rata basis