4. Forms of business organizations Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. Have corporate ownership structure Owners have limited liability and right to vote UPs are not sutable for professional firms such as accounting, law, and architecture Umited financial liability Owned by single individual Taxed as a partnershup You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classity it as a sole proprietorship, a partnerstip, a corporation, or a limited liability company/limited liability partnership. berstership, a partnership, a corporation, or a limited liability company/limited liability partnership. 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 liability company/imited liablity partnership