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 to a partnership? Check all that apply. Easy transfer of ownership Personal assets possibly used to settle the debts of the business Chartered by a state and is its own entity, separate from its owners Legal arrangement between two or more people Business 1: Joshua and Sean run a law firm in downtown Phoenix. The form has debt of $100,000, but Joshua and Sean will not be held personally liable for the firm's debts. The business organization is the type that requires Joshua and Sean to report all business related income on their personal tax returns This is an example of O A corporation O A proprietorship O A partnership An LLP/LLC Business #2: DOX Co. is a short-haul trucking company. Carlo owned 1,000 shares of DOX stock. With research, he found a better investment opportunity and sold his entire holding of Dox to another investor This is an example of: A proprietorship A corporation An LLP/LLC A partnership