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 corporation? Check all that apply. O Has unlimited life Chartered by a state and is its own legal entity separate and distinct from its owners and managers Easier to transfer ownership in the form of stock O Owners have limited liability Owned by single individual Exempt from double taxation 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/limited liability partnership. Business Scenario Type of Business Joshua started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Joshua had to shut down his business and lost all his personal assets in the process. Willie and his friend Shirley run a carpet cleaning business and distribute the profits proportionately K James, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports, James, Willie, 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