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. Taxed as a partnership Owners have limited liability and right to vote Limited financial liability OOwned by single individual Have corporate ownership structure LLPS are not suitable for professional firms such as accounting, law, and architecture Platical Management 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 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. Type of Business Grade It Now Save & Continue Continue without savin