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 limited liability company and a limited liability partnership? Check all that apply. Have corporate ownership structure Taxed as a partnership UPs are not suitable for professional firms such as accounting, law, and architecture Owned by single individual Uimited financial liability Owners have limited liability and right to vote You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classity it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership; Business Scenario Type of Business Christopher started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Christopher had to shut down his business and lost all his personal assets in the process. Purple Consulting has five consultants in the firm. The company's annual revenue is around $500,000. Income is distributed among all consultants, and each is personally liable for claims if the company goes under. Nicholas, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports. Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes based on individual income