Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liabil partnership (LLP). Different forms of businesses have different characteristics. Which of the following characlistics woult pply to a partnership? Check all that app Chartered by a state and is its own legal entity separate and distinct from its owners and nagers Legal arrangement between two or more people Taxed at individual level can easily raise large amounts of capital Subject to unlimited personal liability Income is allocated on a pro rata basis 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 Anthony started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Anthony had to shut down his business and lost all his personal assets in the process. Sachit and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Jack, the CEO of a beverage company is required to certify the accuracy of information provided in the company's quarterly reports. Jack, Sachit, and lose 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