Ch 01: Assigni Businesses can be classified into the following forms: a sole proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LLP). D alog Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. can easily raise large amounts of capital Chartered by a state and is its own entity separate from its owners Liability is allocated on a pro rata basis X Subject to unlimited liability May operate as oral understandings X Legal arregement between two or more people "ers ons access Tips access Tips 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. edback Type of Business LLC/LLP Business Scenario Aadi, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports, Selena and Mario run a law firm in Chicago. The firm has debt of $100,000, but Selena and Mario will not be held personally liable for the law firm's debt. Matthew started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Matthew had to shut down his business and lost al his personal assets in the process Gregory and his friend Shirley run a carpet cleaning business and distribute the profits proportionately