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 corporation? Check all that apply. Easier to transfer ownership in the form of stock Has unlimited life Chartered by a state and is its own entity separate from its owners 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 Type of Business story Business Scenario Radford and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Ethan is self-employed and reports all of his income and expenses in his personal income tax return. Rock Inc. is a mineral mining company. The CEO of Rock Inc. recently died. The news led to a short-term decline in the company's stock price, but it bounced back after the company announced its quarterly earnings Aakash, Radford, 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