4. Forms of business organizations Businesses can be dassified into the following forms: sole proprietorship, partnership, corporation, limited liablity company (UC), and limited llabiity partnership (UP). Different focms of businesses have different characteristics. Which of the following characteristics would apply to a corporation? Check all that apply. Has unlimited life Owned by single individual Chartered by a state and is its own legal entity separate and distinct from its owners and managers Owners have limited liability Exempt from double taxation Easier to transfer ownership in the form of stock You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, dassify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited lability partnership