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 limited liability partnership? Check all that apply Only general owners, not limited owners, allowed to participate in daily management of the firm General partners involved in the day-to-day operations of the business deemed limited partners Might be an S corporation You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify it as a proprietorship, partnership, corporation, or limited liability partnership and/or limited liability company (LLP/LLC) Business #1 Business #2 Jackson and his friend, Shirley, run a carpet cleaning business. They distribute the profits proportionately and report their portion of the business's profits on their individual tax returns. Michael started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Michael had to close the business and sell all of the business's assets and his car in order to settle the lawsuit. This is an example of: O A proprietorship This is an example of: An LLP/LLC O A partnership O A corporation An LLP/LLC O A proprietorship O A partnership O A corporation